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Ny Cot Exchange Cotton No.2 March 2019 Weekly: Cover Short Position

28 Jan 2019 8:43 am
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REPORT For Date 28/01/2019


NY COT EXCHANGE Cotton No.2 (Price figures in cent/5000lbs):


Cover short position at 74.13 or below.

Expect higher range of 74.70-76.25 to be tested.

Weakness is below 70.65 and swing bottom for the falling cycle is likely to have been formed.

Last week was In Bar on weekly chart therefore 2 weeks high and low will determine the next directional movement.

The 2 weeks high and low is 74.6 and 72.21.

A rise and close above 74.66 with bullish candle can show a rise towards WRV-77.03.


TREND INFORMATION WITH INTRA-DAY LEVELS

CLOSE

WRV

TREND*

Trend

Price

Trend

Date

L1

L2

CP

L3

L4

74.13

77.03

DOWN

73.18

21.12

71.62

73.16

73.72

74.70

76.24


*Trend will remain Down as long as last close is below the pink color WRV. Trend will be Up as long as Price is above WRV (Weekly Reversal Value). Positional Traders: If trend is up then traders long can hold long position with closing stop loss of WRV: Close >WRV=Up Trend. If trend is down then traders can hold short position with a closing stop loss of WRV: Close <WRV=Down Trend.

TECHNICAL INDICATORS TABLE

RSI

1-ROC-RSI

STOCHASTIC

1-ROC-

STOCHASTIC

MACD

1-ROC

MACD

RS

1-ROC

RS

40.97

1.91

36.94

61.39

-2.04

1.69

35.22

11.64


Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.


       
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