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Cotton market perks up after 4th July holiday
06 Jul '07
2 min read
Another strong close today, and it looks like the correction we have been waiting for - to retrace part of Dec07 contract's recent gain of 13 cents since May - has not happened. Technically, the market continued its sideway trading pattern this week and looks to break out one way or the other.
Momentum wise the market did not support the price surge from spec buying on the close, and failed to rise past the immediate upside 64 cents level. Moving averages remain strong and supportive at the moment, setting 9 day average at 6246. The 50 day average at 5692 should continue to chase prices up.
Click here to view graphical presentation:
Momentum wise the market did not support the price surge from spec buying on the close, and failed to rise past the immediate upside 64 cents level. Moving averages remain strong and supportive at the moment, setting 9 day average at 6246. The 50 day average at 5692 should continue to chase prices up.
Click here to view graphical presentation:
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