March cotton futures a selling opportunity on more price weakness.
See on the daily bar chart for March ICE cotton futures that prices have backed way down from the October high and a near-term downtrend is in place. The cotton bears have downside near-term technical momentum. The bears would gain more downside momentum by pushing prices below solid chart support at last week’s low of 70.48 cents. That would also become a selling opportunity in March cotton futures. 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.
