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ECOM daily cotton markets recap
09 Feb '07
3 min read
With tomorrow's USDA supply and demand estimates due out, the focus for all traders will be on the US export figure, which all and sundry believe is currently far to high (15.7M). Would not be surprised to see the USDA cut this number to around 15.2, although this may still be at least 1M bales too high.
Technically the March contract has pretty much fallen off a cliff this week, breaking the triangle formation and increasing its velocity downwards. We noted very strong support around 52 cents today ( inc gap support ) which is a psychological barrier from here.
Momentum wise the RSI has weakened to 37.54, whilst the trend following moving averages ( 9 day EMA and 50 day SMA ) have become short term negative. The 52 mark should give a strong indication of the next steps, though to the upside we see 53.00 and 53.50 as being very strong resistance for the short term.
Technically the March contract has pretty much fallen off a cliff this week, breaking the triangle formation and increasing its velocity downwards. We noted very strong support around 52 cents today ( inc gap support ) which is a psychological barrier from here.
Momentum wise the RSI has weakened to 37.54, whilst the trend following moving averages ( 9 day EMA and 50 day SMA ) have become short term negative. The 52 mark should give a strong indication of the next steps, though to the upside we see 53.00 and 53.50 as being very strong resistance for the short term.
ECOM USA Inc, USA
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