The developing pattern of new recent highs continued today as the market built upon the improving technical picture though progress remained sluggish with various producers continuing to place their sell orders at each and every point higher. Specs once again looked to be the dominant buyers though just how much of this volume was being generated by algo “noise” was difficult to gauge. The grind higher for March’20 extended to 13.17 by mid-afternoon, however there was no real momentum with which to kick on and so values eased a few points to consolidate quietly. Nothing changed ahead of the close while the call saw the inevitable book squaring from algo’s/smaller specs which left March’20 ending at 13.08. Still this did at least represent a small net gain to maintain stability, but it feels as though it will be crucial to cement this momentum tomorrow otherwise, we could easily slip back beneath 13c and resume range bound activities.
