March Cotton Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for March cotton futures that price action recently has been choppy and sideways, and in a narrow range. This pause after the recent downtrend is not bullish. A move in prices below solid chart support at last week’s low of 61.35 cents would give the bears fresh downside technical momentum and it would also become a selling opportunity. The downside price objective would be 55.00 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 64.00 cents.
