December cotton futures a buying opportunity on more price strength.
See on the daily bar chart for December ICE cotton futures that recent price action has seen a good rebound from the September low and an uptrend line is in place. The bulls have gained upside near-term technical momentum recently, and would gain better upside momentum by pushing prices above chart resistance at this week’s high of 87.50 cents. That would also become a buying opportunity. The upside price objective would be 91.00 cents, or above. Technical support, for which to place a protective sell stop just below, is located at 86.00 cents.
