July cotton futures a selling opportunity on more price weakness.
See on the daily bar chart July ICE cotton futures that prices have sold off sharply recently, including hitting a four-month low this week. Serious chart damage has been inflicted and the cotton bears have good downside technical momentum. A move in prices below chart support at 84.00 cents would become a selling opportunity. The downside price objective would be 80.00 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 86.00 cents.
