Tomorrow's spec hedge report—delayed to account for options expiration last Friday—is expected to see the specs increase their now short position. The last week saw quite a wealth of traditional specs selling new positions. Expecting a 4-5% net short.
Technically the March actually consolidated itself today, though trading wholly within the confines of yesterday's session. We expect some decent support again at the 52 cent level which was strong last Thursday, whilst the min. target from the range break is measured at 50.60.
Momentum wise the RSI has picked up a little to the 42.44 level, and has managed to be very orderly of late. The moving averages (9 day EMA and 50 day SMA) have become short term negative, with the 9 day EMA dropping with good velocity now to 53.08.