May cotton futures a buying opportunity on more price strength.
See on the daily bar chart for May ICE cotton futures that prices are in a three-month-old uptrend and have just hit a multi-month high. The cotton bulls have the firm overall near-term technical advantage. A move above solid resistance at 90.00 cents would become a buying opportunity. The upside price objective would be 95.00 cents, or above. Technical support, for which to place a protective sell stop just below, is located at last week’s low of 87.46 cents.
