1) Commodities showing volatility contraction type movement with good volume cues (massive dry up)
2) We see price getting rejected at the $28.65 level twice - establishing a pivot entry if price breaks out on higher volume
3) Early entry is spotted at about $28.30, which I have initiated a starting position in. That said, I am mindful of the FOMC meeting today which could induce a bout of volatility. Hence, I have set a very tight stop at $27.75 to get out if necessary.
4) I am aiming for a 3R target price of $31.35 based on the $28.65 Pivot Entry. This is because if the market turns for the awaited countertrend bull rally, there isn't any significant resistance on the left side of the chart.