December cotton futures a selling opportunity on more price weakness.
See on the daily bar chart for December ICE cotton futures that prices saw a strong sell off and then paused. Price action this week has seen a bearish downside “breakout.” A price move below solid chart support at this week’s low of 76.10 cents would provide the bears with fresh downside technical momentum and it would also become a selling opportunity. The downside price objective would be 72.50 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 78.00 cents.
