Another down day for May, trading in the exact same range as yesterday's session. The short term trend line support looks to have been breached, with a close at 53.71, and this must concern the new longs in the market.
The moving averages have again started to fall, with the 9 day turning down to 53.79. The fact that the session ranges have been so narrow do not preclude to any immediate trends, however we feel that Cotton is going to have to take cue from something soon.
Momentum wise things are quite even after the recent sell off as we need some bullish news to break through the upside pressure.
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