March ICE cotton futures a buying opportunity on more price strength.
See on the daily bar chart for March cotton futures that prices on Thursday saw a bullish upside “breakout” from the recent sideways trading range, and prices hit a three-month high. Bulls have quickly gained good upside near-term technical momentum. A move above Thursday’s high of 85.92 cents would become a buying opportunity. The upside price objective would be 90.00 cents, or above. Technical support, for which to place a protective sell stop just below, is located at 84.00 cents.
