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Cotton must show some convincing stability this week
22 Jun '09
4 min read
As mentioned a week ago, the convergence of the major moving averages promised resolution to the sideways up and down pattern of the previous four weeks. Thursday's strength convinced me that after shrugging off four consecutive losing session including a limit down the market was ready to resume its upside journey. It turned out to be no more than a head fake.
Fridays surprising collapse now projects tech a near term move to at least 5500. There is possibly some minor support at 5600 but if is doubtful that it would be significant unless outside markets and the dollar cooperate. This is not to sound bearish but to renew any credibility to the bullish argument for now, Dec would now have to close above Thursdays 5971 high.
Fridays surprising collapse now projects tech a near term move to at least 5500. There is possibly some minor support at 5600 but if is doubtful that it would be significant unless outside markets and the dollar cooperate. This is not to sound bearish but to renew any credibility to the bullish argument for now, Dec would now have to close above Thursdays 5971 high.
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