May cotton futures a buying opportunity on more price strength.
See on the daily bar chart for May ICE cotton futures that a solid price uptrend is in place and prices last week hit a nearly 10-month high. Prices last Thursday also closed at a technically bullish monthly high close. The cotton bulls are in firm near-term technical command to suggest still more upside price action in the near term. A move above technical resistance at last week’s high of 85.97 cents would become a fresh buying opportunity. The upside price objective would be 92.00 cents, or above. Technical support, for which to place a protective sell stop just below, is located at 83.00 cents.
