Looking at the trend change on the 7th June and placing that move within the 3 month trend lines, excluding the anomaly of sub zero pricing, I project we could see a pushing of the support we found previously and reach low 30 pricing.
A few trigger points can be taken to indicate an alternative view however which I will publish next, remember to trade safely and...
A few if and buts in here, however:
If we continue in a downward trend towards 31.4/31.45 region and then begin heading up again, Without breaking 32.0
Then if we continue with a positive trend between 7:00 and 7:30
We can expect the climb positive out of here.
If however it breaks the 31.4/31.45 region, or turns negative during the 7:00 to 7:30 window then we...
Continuing the overall downward trend as expected however potentially coming onto the PP that could show support to the downward turn. Potential PP @ 20.00 +-
Are we coming into a potential wedge supported by PP? Could this coincide with the opening of the market and positive market sentiment of the meeting with US producers on cutting output?
