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Cotton registers best weekly gain in six weeks
14 Apr '08
2 min read
Nevertheless, fundamental support in the form of both fixations and fresh export off take will likely be found on dips of two to three cents as well as technical support between 7250 and 7050, basis May..
Interestingly, seasonal patterns do not favor the bull. In fact the July cotton has declined between this date and the end of the first week of May during 13 of the last 15 years However, several of those years, the decline in prices did not begin until later in the month.
December's chart shows independent strength with technical support beginning at 8270 with a convergence of the 9 through 50 day moving averages. Even more retracement support will be found around 8160.
Interestingly, seasonal patterns do not favor the bull. In fact the July cotton has declined between this date and the end of the first week of May during 13 of the last 15 years However, several of those years, the decline in prices did not begin until later in the month.
December's chart shows independent strength with technical support beginning at 8270 with a convergence of the 9 through 50 day moving averages. Even more retracement support will be found around 8160.
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