May ICE cotton futures a selling opportunity on more price weakness.
See on the daily bar chart for May cotton futures that prices have backed well down from this week’s high as the bulls have quickly faded. See on the chart that the uptrend line has been penetrated on the downside and negated. The bears have quickly gained downside near-term technical momentum. A move below chart support at 86.00 cents would become a selling opportunity. The downside price objective would be 81.50 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 88.18 cents.
