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News Flash
Cotton prices firm throughout first half of session
29 Mar '07
2 min read
US exports have been up trending of late, reflecting good sales into China, Turkey and Mexico in particular. For tomorrow we are expecting more robust figures close to 250,000 sales and 250,000 shipments.
The May contract put in a solid performance, pushing above yesterday's highs and into new recent highs around the 54.00 area where is ran into resistance. In particularly the 50 day simple moving average became overhead resistance late at the 53.95 area.
Trend line resistance is also waiting just above the market at 54.00, so a rally through this level would likely spark a lot of spec short covering, with next resistance at 55.60. Momentum is neutral, with the RSI at 53.28.
Click here to view graphical presentation:
The May contract put in a solid performance, pushing above yesterday's highs and into new recent highs around the 54.00 area where is ran into resistance. In particularly the 50 day simple moving average became overhead resistance late at the 53.95 area.
Trend line resistance is also waiting just above the market at 54.00, so a rally through this level would likely spark a lot of spec short covering, with next resistance at 55.60. Momentum is neutral, with the RSI at 53.28.
Click here to view graphical presentation:
ECOM USA Inc
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