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Oil keeps sliding lower

25
Dec '08
Another quiet day as the markets wind down and the trading volume is very light. The stock market had a small bounce as oil keeps sliding lower and the demand for commodities is certainly under pressure. Grains are showing some support as we get closer to the fight for new crop acreage and get a better idea how first quarter demand will shape up.

Technically, cotton is starting to look more positive as the moving averages are getting close to crossing. However, the dollar has bounced off the lows and open interest keeps falling.

Cotton is starting to build a sideways trading channel 40/48 as we may be testing the top of the range going into year end. RSI is at 52 and the momentum is certainly looking more positive as we start to enter the more friendly seasonal demand period starting in late December.

Ecom USA


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