Cotton Prices Higher By 210 Points Today
Cotton Futures--- Cotton futures in the in New York today are soaring higher by 210 points in the December contract which is considered new crop which we harvested this fall currently trading at 70.95 reversing the last three days of losses. Major resistance and cotton prices is right around 72 – 72.90 and if that level is broken I think you could trade all the way up into the mid to high 70s on concerns of a drought in Texas and in the southern United States. Like I've stated in many blogs I believe cotton prices are bottoming at these levels it is a very long growing season and I've seen many weather problems occur in July and August so for prices to plummet that quickly last month without regard to any possible future problems causes me to think that a possible bottom has been formed. If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
There is a substantial risk of loss in futures, futures option and forex trading. Furthermore, Seery Trading is not responsible for the accuracy of the information contained on linked sites.