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Cotton trades in negative territory through out last week
07 Jul '08
4 min read
The outside range session of Friday, June 27 started the ball rolling downhill and it didn't stop until Thursdays bounce that came only after prices had fallen 833 points from the high of the outside range. The sharp break on Tuesday, July 1 produced a sell signal by the 20 day stochastics.
The following, successive closes below 7850 then projected a move to 7360. However, the bounce came from 7426 and although impressive, lacked the volume or conviction to be a convincing turn other than near term. Nevertheless, Thursday's excellent performance could well carry Dec back to what is probably going to be major resistance in the 7825 area. This would retrace only half of last weeks loss and also coincide with the 21 and 50 day moving averages.
The following, successive closes below 7850 then projected a move to 7360. However, the bounce came from 7426 and although impressive, lacked the volume or conviction to be a convincing turn other than near term. Nevertheless, Thursday's excellent performance could well carry Dec back to what is probably going to be major resistance in the 7825 area. This would retrace only half of last weeks loss and also coincide with the 21 and 50 day moving averages.
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