Market suffers from lack of liquidity & transparency
07 Mar '08
2 min read
Technically, we have what feels like an island reversal on the chart where many of the panic short covering longs are stranded above the market and this will serve as very strong resistance moving forward. Cert stocks are growing and export sales today were down 60% from last week at just over 100k bales.
Soybeans were limit down today with most of the commodity complex under pressure. With all of these conditions, we expect to see cotton continue to test the downside as we may start to see growing support near 50% retracement or 80 cents/lb.
marketing@alchempro.com
