December Cotton Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for December cotton futures that prices have sold off recently and negated a fledgling uptrend line. The bears have regained downside technical momentum to suggest a fresh leg down in prices in the near term. A move below chart support at 64.00 cents would become a selling opportunity. The downside objective would be 57.50 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 67.00 cents.
