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Cotton closes 50 pts higher

12 Jan '08
2 min read

The market was looking toppy earlier this week after open interest had grown 50,000 contracts in 5 weeks, RSI was at 70% and the specs had grown their long position back close to 30% Technically, we were running up against trend line resistance on the monthly continuous as well as H'08 charts.

Just when it looked like the market was reaching a top and ready for a correction, corn alone saved the day and all the negative technicals have been erased. It is impossible to pick a top after today's limit up move and we will just have to wait and see how the market responds on Monday.

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