The 50-period EMA serves as a short-term trend filter, while RSI (14) measures momentum. A rejection near resistance, with price remaining below the EMA and RSI failing to recover above 50, would strengthen the bearish scenario.
A confirmed short entry around 297.50 could target 284.00 and subsequently 279.00 US cents per pound. The protective Stop Loss is positioned at 305.50. A sustained recovery above resistance would weaken the bearish setup.