December cotton futures a selling opportunity on more price weakness.
See on the daily bar chart for the December ICE cotton futures that prices are trending lower as the bears have the overall near-term technical advantage. The recent pause, or sideways trading action, is not bullish. The bears would gain better downside technical momentum by pushing December futures prices below technical support at 71.00 cents. That would also become a fresh selling opportunity. The downside price objective would be 65.00 cents, or below. Technical resistance, for which to place a protective buy stop just above, is located at 73.00 cents.
