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ECOM daily cotton markets recap - March 5, 2007
06 Mar '07
3 min read
Expecting something around 5% net short for the specs. March Notices have been quiet of late and today was no exception with just 21 lots in notice. With March open interest still at 2,221 lots there will likely be a surge of notices issued towards the end of notice period which ends March 15th.
May again struggled to get through 54 cents early today, posting an outside day session and a close below both Friday's low as well as the 9 day moving average. The recent advance on the May chart has really run into a brick wall at 54.00 cents, which represents an 11.5c equity over last week's official AWP, likely incurring residual co-op selling.
Trend wise the 50 day moving is still in decline at 54.64, which does another layer of heavy resistance, but momentum is neutral at 44.75. For now it appears that we are going to trade very narrowly sideways looking for some stimulus to create some trend from here.
Click here to view graphical presentation:
May again struggled to get through 54 cents early today, posting an outside day session and a close below both Friday's low as well as the 9 day moving average. The recent advance on the May chart has really run into a brick wall at 54.00 cents, which represents an 11.5c equity over last week's official AWP, likely incurring residual co-op selling.
Trend wise the 50 day moving is still in decline at 54.64, which does another layer of heavy resistance, but momentum is neutral at 44.75. For now it appears that we are going to trade very narrowly sideways looking for some stimulus to create some trend from here.
Click here to view graphical presentation:
ECOM USA Inc, USA
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