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THE PACIFIC COMMODITY LETTER
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360-289-9441(March 12, 2000) COTTON: May cotton has put in an impressive week. Since the rally appeared to stall at about 57-58 cents it has chopped around; but this past week, closes of +25, +33, +115, +22 and +59 have moved prices higher in a 300-point range, quite enough to satisfy a lot of long small and large speculators. Stochastics are bullish, but overbought; RSI is over 70% in the 9-day mode. Direction and momentum indicators are strongly positive; 9- and 18-day moving averages continue in the "buy" mode. Technically, this rally has been bullish and intact since early January. The trading channel as "reformed" a few times; yet, patient "longs" have been well rewarded.
Martin B. Miller
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