COT says cotton ready to rise

Market Pulse: January 7

Last week’s open (last trading day of 2012) was 74.71 and the first weekly close of 2013 was at 75.05 in the March 2013 cotton contract. Friday’s price action had a low of 73.72 and climbed up from there to close at 75.05. Will the spring up continue into this week? 

On the daily chart you see ADX dropping to 29.4 as the previous strong uptrend weakens. DI Differential is very close to zero, telling me to watch closely. MACD is bearish adding divergence from below the signal line and Stochastics are mid-range and dropping. 

Proceed to Page 2 for the latest COT Data...

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