Technically the May contract is still attempting to consolidate higher following on from Wednesday's breakout. One thing that is very encouraging is that the May has been well supported on any break, particularly today at the 9 day EMA at 53.95. Prices are for now capped by the 50 day SMA at 54.51 and further by trend resistance at 55.75.
Momentum wise prices are pointing higher, which would well be aligned with the trend if they can break above 54.50 next week. Moving averages are converging which is friendly, though as stated there is a lot of resistance overhead to get through. Support is maintained at the 9 day EMA as well as the 53.30 trend support.
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