Technical Graphics Slightly Improved &Nbsp; Cotton Price Downward Trend Has Not Yet Stopped.
May 16th, ICE
futures
The July contract trend is similar to last Thursday, but in the opposite direction, cotton prices all the way.
Rise
After the fluctuation, the dollar index fell, China's Zheng cotton futures maintained strong and a substantial decline in registered inventory contributed to the increase in cotton prices.
Judging from the current situation, the growth of new cotton is still not optimistic, because the delta floods are still raging, so the final number of cotton production is likely to decline.
But the prediction of relevant institutions is that
cotton
Corn and other crops, the local field loss of 30.4-245.3 million mu.
In addition, Texas's drought did not ease, and last week's small rainfall did not benefit Texas.
ICE futures
Limit up
The success helped cotton prices break away from the support price of 140-143 cents and eased.
market
Overselling pressure.
At the same time, the limit is the third time in the past two weeks, which can be seen as a strong rebound in cotton prices in the downward trend.
From the perspective of technical graphics, the July contract for the first time in the past five weeks has been closed above the average price for 10 days, the next rise resistance is 155.13 cents and the 20 day price average 155.88 cents, 10 days average price 148.91 cents, although it can be seen as a support price, but the strength is not strong, the main support is still near 143 cents.
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