However, the market may continue to become more oversold, particularly given the 45 bar new low here. Look for an upturn in RSI before interpreting a bullish signal from this indicator. MACD is in bearish territory, but has not issued a signal here. MACD is in bearish territory. Further, the market just put in a 45 bar new low here.
More lows are possible here.
While this is normal following delivery of nearer term contracts, be cautious. Decreasing open interest indicates lower liquidity. The current new low is not accompanied by increasing volume, suggesting that the current move lacks broad participation. Look for a rebound soon. The short term market trend, based on a 5 bar moving average, is DOWN.The current new low is not accompanied by increasing volume, suggesting that the current move lacks broad participation.