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ECOM daily cotton markets recap - Feb 12, 2007
13 Feb '07
3 min read
Tomorrow's spec hedge report is expected to see the specs increase their now short position. The last week saw quite a wealth of traditional specs selling new positions. Expecting a 4-5% net short.
Technically the March continues it's weakness having broken it's sideways range last week. We expect some decent support again at the 52 cent level which was strong last Thursday, whilst the min. target from the range break is measured at 50.60.
Momentum wise the RSI has weakened even more to 38.25 though remains above oversold. The moving averages (9 day EMA and 50 day SMA) have become short term negative, with the 9 day EMA dropping with good velocity now to 53.18.
Click here to view graphical presentation:
Technically the March continues it's weakness having broken it's sideways range last week. We expect some decent support again at the 52 cent level which was strong last Thursday, whilst the min. target from the range break is measured at 50.60.
Momentum wise the RSI has weakened even more to 38.25 though remains above oversold. The moving averages (9 day EMA and 50 day SMA) have become short term negative, with the 9 day EMA dropping with good velocity now to 53.18.
Click here to view graphical presentation:
ECOM USA Inc, USA
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