December cotton futures a buying opportunity on more price strength.
See on the daily bar chart for December cotton futures that prices have made a good rebound from the recent contract low and on Thursday hit a four-week high. Prices are now in a fledgling uptrend. A close above chart resistance at 67.00 cents would give the bulls better upside technical momentum and it would also become a buying opportunity. The upside objective would be 74.00 cents, or above. Technical support, for which to place a protective sell stop just below, is located at 64.00 cents.
