March ICE Cotton Futures a Selling Opportunity on More Price Weakness

See on the daily bar chart for March cotton futures that prices last Thursday hit a contract low and have also seen a bearish downside “breakout” from a sideways trading range at lower price levels. This suggests more downside to come. A move in prices below solid chart support at Thursday’s contract low of 58.57 cents would become a selling opportunity. The downside price objective would be 50.00 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 62.00 cents.