Still there.As I wrote on the weekend, as long as CCJ holds...

Still there.

As I wrote on the weekend, as long as CCJ holds 39/40 level, we are in decent shape. If it loses that, then a small question mark. Next level is 35, if it looks like not holding, then all bets are off (I may make a probability judgement before it reaches 35 so that I can get out earlier). If we reach 45, probability of make a new all time high above 56 increases considerably.

Also I wrote that we may see a but of churn here. It already started last week and is continuing this week. This is a very important zone (39/40), so I feel there may a lot of play before it goes one way or another. U stocks are just holding the level for now. No major play has happened, playing the level, between 10/20% swings.

Spot price is also looking vulnerable, at 80.05 now. If it goes and stays below 80, psychologically might not be good. So at this stage I feel we don't have confirmation of reversal, next few days/weeks will tell the story. All the best.