After yesterdays ugly finish, Rbob has staged a late evening rally to close out within two pips of the high set yesterday. In an ideal world we would have closed over this. Need to see higher numbers tomorrow or the risk of a double top comes into play.
Macd/Rsi/Stoch all tell us that this level should be taken out tomorrow and higher numbers to come
new high was made on wednesday following positive eia data but hawkish fed leading to big dollar move has sent rbob lower, looking for initial support of the 5 and 13 day mov av to hold before another leg higher.