MCX Cotton under short covering Resistance seen at 19976.6
India, Jan. 20 -- Technically Cotton market is under short covering as market has witnessed drop in open interest by 3. 56% to settled at 4383 while prices up 210 rupees.Now MCX Cotton is getting support at 19726.6 and below same could see a test of 19563.3 level and resistance is now likely to be seen at 19976.6 a move above could see prices testing 20063.3.Cotton on MCX settled up 1.07% at 19890 owing to a pickup in export demand from main importers China Bangladesh and Vietnam.Prices remained supported as exports are likely to increase amid the likelihood of the US signing the first phase of a trade treaty with China this month.Since the past one month trade inquires have started picking up from China and Bangladesh and contracts are bei...
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