US classing stats were updated today, with 195,775 bales being classed for the week, leading to a season total of 20,516,457 bales of which 71.2% are of tenderable quality.
Technically the march contract may have come to life a little this week, however it is still entrenched in a tight 52.90 to 55.20 range, closing in the middle of this range today. The chart is definitely flagging for a breakout, but it is hard to predict where the next break will come from.
Momentum wise the RSI is neutral at 46.48, whilst the trend following moving averages (9 day EMA and 50 day SMA) have entirely converged. At this stage we will need to see prices break the current trading range one way or another to be convinced of any potential trend.
marketing@alchempro.com
