The bull trend begun in mid-February is still (mildly) dominant and could propel the futures to as high as 56.87. It may be starting to reassert itself today, since a corrective trend begun on April 17 that should have reached a downside target at 45.26 is having trouble bashing the midpoint support, 48.50, into submission. At the moment, you could say that the bearish correction is struggling for its life as it oscillates violently around 48.50. The bullish and bearish patterns referred to above are shown in the accompanying chart.
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