Cotton Market Struggles to Find Direction (USA)
Cotton has been trading sideways the last several sessions as the market is struggling to find direction. The grains are also bouncing back and forth in a narrow range and giving little direction to cotton at the moment. Export sales are coming out tomorrow and we are not expecting them to reach last week’s record…
Egytex News Desk
Egytex
Technically, we broke the strong support line at 70 cents in N’08 last week, but have closed above this level two days in a row. The cotton market feels like we are trying to put in a short term low near 69 cents as we have had four continuous inside trading days.
However, the 69 cent level has proved to be a strong support yet again. We are likely to trade sideways and in sync with outside commodities for the nearby trading sessions.
Source: ECOM USA Inc
From the Egytex news archive, first published on 8 May 2008. Figures and names are as reported at the time.
