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ECOM daily cotton markets recap - March 22, 2007
23 Mar '07
3 min read
NCC released annualized domestic consumption for the Month of February at 4.852 million bales. This was reduced from 4.966 million last month and down nearly 20% from last years figure of 6.225 million bales.
A consolidating day for the May contract finding support at yesterday's levels, but running into nearby resistance at the 9 day EMA at 53.50. In the end the close higher did little to affect overall direction, but it does bring prices back into an area of more contested resistance. Moving averages continue to weigh on the market, with both the 50 day SMA (54.05) and the 9 day EMA heading south (54.05).
Momentum wise, the RSI is still neutral at 44.72, but is starting to slope downwards. Overall, the equity hedge levels for May are continuing to be too heavy resistance, and in this environment we cannot yet get excited about the upside.
Click here to view graphical presentation:
A consolidating day for the May contract finding support at yesterday's levels, but running into nearby resistance at the 9 day EMA at 53.50. In the end the close higher did little to affect overall direction, but it does bring prices back into an area of more contested resistance. Moving averages continue to weigh on the market, with both the 50 day SMA (54.05) and the 9 day EMA heading south (54.05).
Momentum wise, the RSI is still neutral at 44.72, but is starting to slope downwards. Overall, the equity hedge levels for May are continuing to be too heavy resistance, and in this environment we cannot yet get excited about the upside.
Click here to view graphical presentation:
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Andreas Rass
ZIMMER AUSTRIA | Digital Printing Systems
Dr. Sameer Sood
National Institute of Fashion Technology
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