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Cotton market continues to push higher
30 Jun '07
3 min read
The technical upside momentum remained in place with short option covering becoming the main fuel along with specs and locals running through buy stops. Above 64 c/ lb. the market did get a strong dose of trade scale up selling as this level becomes a safe place to be short Z'07 against new crop equities.
Technically, the market did close below the contract high of 63.50, but did set a new high close to 64.50 during the day. RSI is 76.19, and the market looks due for a pull back even though the specs punched an exclamation point on the last trading day for the second quarter.
However, the trend is to buy dips and the market is feeding on itself during the tight transition between crops along with the commodity volatility coming from the grain complex.
Click here to view graphical presentation:
Technically, the market did close below the contract high of 63.50, but did set a new high close to 64.50 during the day. RSI is 76.19, and the market looks due for a pull back even though the specs punched an exclamation point on the last trading day for the second quarter.
However, the trend is to buy dips and the market is feeding on itself during the tight transition between crops along with the commodity volatility coming from the grain complex.
Click here to view graphical presentation:
ECOM USA Inc
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