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Cotton's trading range tightened last week
27 Mar '07
2 min read
A chink in the bull argument occurred last week as May cotton's 9 day moving average slipped beneath the 21 day for the first time this month.
As cotton's trading range tightened last week, commercially initiated support and resistance was very effective at both ends of the range. Resistance in May cotton will probably still start at 5360 with trade selling expected on a scale up basis. Likewise, trade support will probably be evident just above 5300. Speculative buy stops in May cotton will likely be found above 5370 with sell stops below 5280.
As cotton's trading range tightened last week, commercially initiated support and resistance was very effective at both ends of the range. Resistance in May cotton will probably still start at 5360 with trade selling expected on a scale up basis. Likewise, trade support will probably be evident just above 5300. Speculative buy stops in May cotton will likely be found above 5370 with sell stops below 5280.
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