May cotton futures a buying opportunity on more price strength.
See on the daily bar chart for May cotton futures that prices remain in a choppy uptrend. The past couple weeks a bullish symmetrical triangle pattern has formed on the daily chart. The bulls still have upside technical momentum to suggest prices will continue to trend sideways to higher in the near term. A move above resistance at 87.00 cents in May cotton futures would become a buying opportunity. The upside price objective would be 91.00 cents, or above. Technical support, for which to place a protective sell stop just below, is located at 85.00 cents.
