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ECOM daily cotton markets recap - Feb 14, 2007
15 Feb '07
3 min read
This morning's spec hedge report was slightly shorter than expected at 7.4% net short for the specs. Over the last week the specs increased their net shorts a whopping 13,192 net contracts to now be 15,283 lots short.
With May taking over as the lead month according to open interest, we figured to establish it as the feature chart from now on. Nothing too friendly here as May set a new contract low today, taking out the previous low at 52.10. Damage is such that we could very conceivably see a test of the 50.00 mark from current levels.
Momentum wise the RSI is weak and actually challenging oversold territory. 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 53.23.
Click here to view graphical presentation:
With May taking over as the lead month according to open interest, we figured to establish it as the feature chart from now on. Nothing too friendly here as May set a new contract low today, taking out the previous low at 52.10. Damage is such that we could very conceivably see a test of the 50.00 mark from current levels.
Momentum wise the RSI is weak and actually challenging oversold territory. 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 53.23.
Click here to view graphical presentation:
ECOM USA Inc, USA
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