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Another impressive performance for May contract
30 Mar '07
2 min read
This morning's US export report was on the higher side of expectations. New sales of 456,700 bales (Upland and Pima) included a whopping 246,200 bales to China, whilst Turkey bought 64,400 bales. Shipments were decent as well at 240,500 bales.
Another impressive performance for the May contract, taking out the 50 day moving average at 53.90 and closing on the highs. There is a lot of commercial resistance above the market, but the acreage report tomorrow could sway some of this resistance into backing off into higher levels.
The 9 day EMA is turning higher which is supportive. Trend line resistance was just penetrated, so we will be looking at a sign that this is being backed up, before targeting more resistance at 55.60. Momentum is neutral, with the RSI at 56.46.
Click here to view graphical presentation:
Another impressive performance for the May contract, taking out the 50 day moving average at 53.90 and closing on the highs. There is a lot of commercial resistance above the market, but the acreage report tomorrow could sway some of this resistance into backing off into higher levels.
The 9 day EMA is turning higher which is supportive. Trend line resistance was just penetrated, so we will be looking at a sign that this is being backed up, before targeting more resistance at 55.60. Momentum is neutral, with the RSI at 56.46.
Click here to view graphical presentation:
ECOM USA Inc
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