October Butter also showed bullish reversal action during the last two sessions. The July through August decline was more definitive and produced a slightly more oversold technical condition. Thursday’s bullish outside day reversal and Friday’s “gap and go” higher open to a fresh eight day high favors a near term retest of downtrend line resistance/50 day moving average level at 155.95 area. The near term bias for October Butter favors the bulls until this week’s low (141.00) comes out.
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