NEWS
Darin Newsom DTN Senior Analyst
Thu Feb 21, 2013 12:00 PM CST

Dec Cotton Long-term Bullish

A look at the weekly chart for the new-crop December 2013 cotton contract shows it has seen an impressive rally off its low of 70.70 posted the week of June 4, 2012. Since then the contract has steadily, for the most part, rallied to this week’s high of 84.75. Notice that this is a test of technical resistance at 84.70, a price that marks the 38.2% retracement level of the previous downtrend from 107.36 through last June’s low.

At the same time, weekly stochastics (middle study) have moved into an overbought situation above 80%. This week’s ...

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