Though profit booking witnessed yesterday, If prices able to hold the support of $101.30 levels - Geojit Financial
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Technical view
* Though profit booking witnessed yesterday, If prices able to hold the support of $101.30 levels could see upside moves targeting $110.65 and then to $113.85 or even higher to $125 levels. Meanwhile, weekly (RSI) is treading flat suggesting a neutral view. On lower side, if breaks below the same could see downside corrective moves towards $94 levels.
Commentary on Cotton
* Mar month delivery cotton no:2 traded lower in the last week due to rise in global ending stocks and expectation of rise in global production. Moreover, concern over outbreak of new variant of covid—19 virus triggered a global selloffs in the entire asset classes. Lower demand from china also added bearish sentiments. In the domestic market, Dec MCX cotton prices slid in the last week tracking weakness in global cotton prices. Expectation in rise in fresh crop arrivals also weighed on sentiments. However, fear over fall in output in Punjab due to pink worm infestation is likely to support the prices in the domestic market.
Technical Chart
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