There was a nice pop in the technical picture today as follow through buying came in based on yesterday's strong close. As volatility was the feature of today's session, trading range was a whopping 570 points on K'08. The 9 and 50 day moving averages started to converge and the settlement was sitting right at the 9 day moving average level.
As K'08 open interest is just over 28,000 contracts 6 days to the first notice day, the cert stocks level has gone up to 985,404 bales with 127,219 awaiting review. We'll very likely trade in consolidation ahead of the K'08 FND.
marketing@alchempro.com
