Turkey was also a major buyer of 114,600 bales. Shipments were their usual slow going, with 163,300 bales exporting.
March moved swiftly higher today, taking out last week's key resistance above 53.00. Today was also the first occasion in 3 months that March has eclipsed the 50 day moving average, which is at 53.13.
This could have the effect of bringing in a lot more fund short covering and perhaps even some new spec long position.
Until March trades outside the 51.00—54.00 range though we won't be overcome with any great hope that the trend has reversed, as for now it is bound in this tight range.
The 9 day EMA again proved to be short term support today, whilst the 50 day SMA was easily surpassed. A consistent holding above this average will be considered as very friendly.
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