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Daily worldwide cotton market report
16 Apr '09
4 min read
Cotlook said that, “attention remains focused on the timing and nature of any fresh policy decisions to be taken by the government. Conjecture has been that the rotation of cotton from state reserves is more probable than an early release of additional import quota, and that any policy announcement will not be forthcoming until after most of the new crop is in the ground, so as to maintain price levels and thus not disturb farmers' planting choices. Recent indications have been that weather has impeded early planting progress in some provinces. However, the bulk of the crop should be in the ground by early may.”
Stochastics turning bearish at overbought levels will tend to support lower prices if support levels are broken. The close below the 9-day moving average is a negative short-term indicator for trend. The close below the 1st swing support could weigh on the market. The next downside objective is 46.91. Short-term indicators on the defensive. Consider selling an intraday bounce.
Stochastics turning bearish at overbought levels will tend to support lower prices if support levels are broken. The close below the 9-day moving average is a negative short-term indicator for trend. The close below the 1st swing support could weigh on the market. The next downside objective is 46.91. Short-term indicators on the defensive. Consider selling an intraday bounce.
Ghulam Rabbani & Co.
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