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01st May - Cotton Recovery Sees Temporary Momentum Loss

01 May 2013

MONTHLY CHART – CONTINUATION:

After the earlier drop back within the range of the previous decade a base looks to have been found around 66.00.

Note first interesting resistance here doesn’t come until the 23.6% rebound level just above 104.00.

DAILY CHART – Jul-13:

The current pullback recently saw breaches of the 38.2% retracement & bull channel base. This puts a dent in the previous recovery’s momentum and turns focus onto lower retracements.

The current s/term rally is expected to prove temporary therefore. At this stage any sellers on strength would need to have stops just above the 91.58 28-Mar high.

The 79.85/79.20 area looks to be next interesting support area.

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02nd May - Current Support in EUR/CHF at 76.4%

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25th April - Is Oil vulnerable or resilient?

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