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Cotton News - Cotton MCX contract trading higher at 49,390.
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Cotton MCX contract trading higher at 49,390.

MCX Cotton market has revised upward today, Cotton MXCTNC1 contract was trading higher at 49390, next resistance is likely to be 50234. RSI has moved upward indicating strong buying strength and Market has taken a support of 50 DMA, and had retraced back. Also, the market had broken resistance of 9 and 18 DMA. MACD is indicating a bullish Crossover. As per Agriwatch, the market has moved upward in anticipation of lower monsoon as of now in India, the slower progress of monsoon may affect the Cotton sowing in India.