Monday, April 18, 2011

Cotton (BAL), Has this bull run out of steam?

Cotton ETF (BAL), hit a high of $117 this March.  I thought we were looking at a head in shoulders pattern at the end of March, but subsequently it rallied again in the beginning of April.  Today BAL closed back over it's 50 EMA.  Although still bias long, I think if we can't break through the $110 level we may be seeing a triple top.  A bit of a contrarian play in my opinion, but i will definitely be watching this one closer!  May signal the commodities bull coming to an end.
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2 comments:

  1. TheSmarterInvestorApril 18, 2011 at 9:34 PM

    Not to mention Goldman Sachs (GS) seems to agree with me. http://finance.yahoo.com/news/Agribusiness-Recap-Goldman-wscheats-1084409812.html?x=0&.v=1

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  2. TheSmarterInvestorApril 26, 2011 at 10:13 PM

    Broke $90 support, closed at $88 today below 100 EMA. Looking for $85 level, then $70. if it breaks $85 I'll be short.

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