$4.70 area has proven to be well supported so far.
I expect more sideways churn tomorrow.
Wednesday we will hear about J Powell's thoughts following the release of the April PPI figures - If he seems hawkish it will likely precede a hot CPI.
If he's dovish it could be a bull trap. You really can't trust the guy. Waiting for Kashkari to call it with less double speak and innuendo.
Thursday carries the potential catalyst to complete the current CMM double top pattern on the daily chart.
It will likely depend on the US CPI figure vs expected - and more importantly - the subsequent market reaction from the US Dollar (DXY).
CMM CHART, page-377
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Last
$6.45 |
Change
-0.050(0.77%) |
Mkt cap ! $2.435B | |||
| Open | High | Low | Value | Volume |
| $6.52 | $6.52 | $6.33 | $6.623M | 1.029M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 360 | $6.44 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.45 | 5940 | 1 |
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| Last trade - 16.10pm 04/11/2024 (20 minute delay) ? |
| CMM (ASX) Chart |