Cotton begins stair stepping down as dollar stepped back up
30 Mar '09
4 min read
Cotton's stubborn support on early weakness Friday was credited to the rumor that fresh export business was being consummated. According to reliable reports, Indian mills are eager to cover both nearby and forward needs due to a surprisingly sustained uptrend in their local prices.
Technically, the violation of Thursday's low gives a downside objective of anywhere between Thursday's 4375 low and the 21 day moving average around 4275. The next rally should allow May to trade between 4580 and 4680.
Last night (Sunday night) cotton began trading with it's new hours: 8 PM (Central) 39 lots traded in the first 90 minutes.
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