December ICE cotton futures a selling opportunity on more price weakness.
See on the daily bar chart for December ICE cotton futures that prices are seeing a pause from recent strong selling pressure, which has formed a bearish pennant pattern. A move below chart support at 83.00 cents could be the beginning of a bearish downside “breakout” from that chart pattern, and it would also become a selling opportunity. The downside price objective would be 80.00 cents or below. Technical resistance, for which to place a protective buy stop just above, is located at 84.50 cents.
