Home / Knowledge / News / Textiles / Market continues to hold upside trend line
Market continues to hold upside trend line
01
Jan '08
Trading has been fairly active during the last session of the year. Futures volume was decent at 19,000 lots, but options were seen less interest with its combined 6,000 contracts.

End of the year profit taking was seen early during the day, and open outcry was called to open around 40 points lower in line with lower electronic trading.

As open interest was increased by another 2,200 contracts during last Friday's session, or 5,200 over the 3 day week, it's easy to see that funds want to end the year with a bang. Market was lingering around 10 lower for the majority of the session but broke through Mar08 68 cent level and closed at today's high.

Today's spec hedge report was of no surprise. With consistent increase in the open interest over the week, for the week to December 28, spec longs were increased by 7,231 contracts, while the shorts were decreased by 3,887 contracts. Actual net long contracts are now 59,196 and net position is 25.5% long.

Technically, we continue to hold the upside trend line started in early December and closed above the resistance level of 68 cents on Mar08. RSI is close to 66% and the specs are adding back to their long positions. The 9 and 50 day moving averages have crossed each other during today's session, and we may have an opportunity to make a run at 70 cents nearby.

As specs are keeping their book prices high, there will likely be scale up trade selling which will keep a lid on the market short term.

Click here to view more:

ECOM USA Inc


Must ReadView All

VF Corporation to split into two independent companies

Apparel/Garments | On 14th Aug 2018

VF Corporation to split into two independent companies

VF Corporation, a global leader in branded lifestyle apparel,...

Courtesy: Good On You

Apparel/Garments | On 14th Aug 2018

Good On You in Oz adds 500 European brands to rating app

Australia-based Good On You’s brand-rating app has recently added 500 ...

Courtesy: USDA/FAS

Textiles | On 14th Aug 2018

US cotton exports in 2017-18 highest in over a decade

Cotton exports from the US in 2017-18 reached their highest level...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Ashish M Amin

Premier Looms is a leading provider of cutting-edge machinery and...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Matthew Kolmes
Supreme Corporation

Supreme Corporation manufactures innovative specialty yarns and safety...

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search