The energy commodity has attained out previous targets. This correction has given an opportunity to re enter the contract again. Yesterday’s price action suggests, the energy is ready to move up again. A bullish candle on an important pivot levels support buying action into the June contract.
On the hourly chart the RSI is well above the bullish support levels (RSI support levels as discussed in out training programs). A decisive move above the 203.30 levels will serve as confirmation to the ongoing buying.
However a close below 192 will require a re consideration of the bullish analysis.
Bharat Jhunjhunwala MFTA, CMT, CFTe, MSTA