Technically, RSI was signaling a correction and it may have started today. Trade scale up selling was very strong on the highs today as more cotton can be bought at these levels and higher.
New sales at these levels are very difficult so its hard to see much more upside as so many markets are trading at the highs and after today, we may be ready for a correction. Technically we need to get through the downside support from this week at 63.30 and then we may be able to test the 62.80 and 61.00 levels of support.
marketing@alchempro.com
