December Cotton Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for December ICE cotton futures that prices have sold off sharply recently and on Wednesday hit a contract low. Bears are back in solid technical command to suggest still more downside price pressure. A move below chart support at Wednesday’s low of 61.07 cents would become a selling opportunity. The downside price objective would be 54.00 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 64.00 cents.
