Pressure was applied to the market from the start or trading as selling sent Jul’22 immediately down through the 18.44 support in search of sell stops, though none of any significance were found. Instead, a more gradual decline followed which took the price down through end user scale pricing to reach 18.31 during late morning. Having stalled in this area for a period a sharp bounce back to 18.51 occurred against short covering, however it did not mark a turnaround in fortunes as progress soon stalled once the shorts had exited. Slipping back to the lows it seemed that recent technical weakness (breaking 18.44 / moving beneath the 100-day MA) was combining with the trade flows to provide additional weakness, however that all changed during the later afternoon with another sharp recovery. This time the market gained better traction and moving through the earlier mark built to reach 18.71. Remaining to the upper end of the range through the final hour Jul’22 settled at 18.64, though with the daily chart showing another lower high today there remains some work to do if this afternoon’s efforts are to be the start of a sustained recovery.
