MARKETS NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Thu Apr 4, 2013 07:39 AM CDT

On February 21, 2012, this blog talked about the bullish outlook for the December 2013 (new-crop) cotton contract. Technically, the market looked to be establishing a solid uptrend supported by an increasingly bullish commercial view of supply and demand. Add in a bullish seasonal index and the conclusion was that the market could be testing the 89.00 range by mid-April.

Fast forward to today. The Dec cotton contract has posted a series of highs near 89.00, with the highest being 89.20 the week of March 11. The consolidation phase the market has been in since on the weekly chart has ...

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