March ICE Cotton Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for March cotton futures that prices have moved down toward the lower boundary of a sideways trading range. A move below support at the bottom of the range, which is located at 61.35 cents, would give the bears fresh downside technical momentum, could be the beginning of a bearish downside “breakout” from the trading range, and it would also become a selling opportunity. The downside price objective would be 55.00 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 64.00 cents.
