While fbm at fresh year-high, it fails to inspire fkli. Aug contract takes a hit in PM,c reating a wide discount amid Europe/DJ futs losses. Both cautious ahead of US GDP 2Q report. Europe -0.5% DJ futs -40.
This week candle looks alike – a base for a run in Aug or toppish ? the former!
Hopefully, Aug10 will take cue from fbm to stay within 55-60 range on Monday for a continuation of July’s uptrend tone. 1350-60 is considered sideways and upward-bias. A breakout above 60 could lead to fresh run in Aug targeting 1370-80.
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