July cotton futures a selling opportunity on more price weakness.
See on the daily bar chart for July ICE cotton futures that prices have backed well down from the recent high. A fledgling downtrend line has also formed as the bears have gained some downside near-term technical momentum. A move below technical support at 90.00 cents would give the bears fresh downside technical momentum and it would also become a selling opportunity. The downside price objective would be 83.00 cents, or below. Technical resistance, for which to place a protective buy stop just above,
is located at 93.50 cents.
