July ICE cotton futures a selling opportunity on more price weakness.
See on the daily bar chart for July ICE cotton futures that prices are in a three-week-old downtrend and hit a four-week low this week. The bulls have faded recently. A move below solid chart support at this week’s low of 86.34 cents would provide the bears with better downside near-term technical momentum and it would also become a selling opportunity. The downside price objective would be 80.00 cents, or below. Overhead technical resistance, for which to place a protective buy stop just above, is located at 89.00 cents.
