A slow sideways morning was ended abruptly by some aggressive spec buying triggered algo buying which shot March’20 up from 13.39 to 13.55 within a 15-minute period. The target was clearly buy stops above the 13.50/13.51 continuation double top however with selling continuing at each point higher there was no acceleration despite the sizable buying. Fund buyers soon retreated, and this allowed the market to set back into consolidation mode, albeit at higher levels that we had held this morning. In fact, the remainder of the session was spent in the vicinity of 13.50 with specs keen to protect the technical picture once more. To this end they had some success with MOC buying ensuring a settlement price of 13.52 for March’20, placing it a point above the previous yearly high for the spot month. While not fully convincing it gives the longs plenty to follow up upon tomorrow in their quest to continue driving higher.
