March ICE cotton futures a fresh buying opportunity on more price strength.
See on the daily bar chart for March ICE cotton futures that prices have made a solid rebound from the November low and a five-week-old uptrend line is now in place. The cotton bulls have gained good upside near-term technical momentum recently and would gain more by pushing prices above technical resistance at Monday’s and last week’s high of 75.53 cents. That would also become a fresh buying opportunity. The upside price objective would be 79.00 cents, or above. Technical support, for which to place a protective sell stop just below, is located at trend-line support at $74.00 cents.
