July Cotton Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for July ICE cotton futures that prices have sold off recently and a downtrend line is in place. The bears have gained downside near-term technical momentum to suggest prices will continue to trend sideways to lower in the near term. A move below chart support at 89.00 cents would become a selling opportunity. The downside price objective would be 85.00 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 91.00 cents.
