Technically, we closed above the 9-day moving average again on another nice gap up breakout which today even tested the 50 day moving average.
We also broke out of the downtrend trade channel which could set us up for further upside. The stock market and grains were also strong overnight and early today as the markets helped add to the gains in cotton.
We will wait for next week to see how the market reacts to the long weekend, but for now, the technical picture looks like buying dips would be the safest way to trade.
marketing@alchempro.com
