March Cotton Futures a Buying Opportunity on Fresh Price Strength
See on the daily bar chart for March ICE cotton futures that prices have worked up from the recent low and have recently seen a pause. The bulls have gained a bit of upside technical momentum to suggest a market bottom is in place. A move above solid technical resistance at the December high of 62.84 cents would give the bulls fresh upside technical momentum to suggest an uptrend can be sustained, and it would also become a buying opportunity. The upside price objective would be 70.00 cents, or above. Technical support, for which to place a protective sell stop just below is located at 60.00 cents.
