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6500 in december cotton is the real deal
Coffee, Sugar, Cotton, etc...
9/27/2009 1:02:32 PM
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It made a high at 64.98 on 7/21 then proceeded to break eight cents, or $4000, in about a week.
From that low it rallied back to the 65 cent area on 8/13. That day saw a failed rally-it was unable to maintain a rally over 6500, and closed back around the open. This failure led to a second selloff, which exceeded the first.
The most recent rally started with a breakout buy on 8/27. For the past week cotton has been volatile. The big break and reversal (a two bar reversal pattern) is normally a bullish pattern, but Wednesday and Thursday saw it continue to bump against resistance.
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6500 in december cotton is the real deal