KC managed a COT inspired pop and closed at 118.65 plus 120 points, its biggest gain at settlement in 3 weeks. The day was spent within a 175 point range fully in the green as a record net and gross short fund position encouraged industry and short term spec participation on the buy side. Higher prices were sustained despite the BRL trading to the lowest level since the 26th of December 2016. Uncertainty following ex –President Lula’s imprisonment over the weekend and concern the impact potential trade wars could have on the Chinese Yuan weighed on the currency. KN actively traded 25,263 times in a -195 to -180 range on day 2 of the index roll. For the first time since March 2nd the market took out and closed above both the mid bollinger band and 26 day moving average. Charts look constructive, and skeptics, at this juncture, might be more willing to be proven wrong.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
July 2021
Categories |