Cotton Prices Hit A 9 Week High

17 Nov in Blog, coffee futures, commodity trading, cotton futures, futures trading, Mike Seery, orange juice futures, seeryfutures, sugar futures

Cotton Futures--- Cotton futures in the March contract are currently trading at 69.63 after settling last Friday in New York at 69.14 up about 50 points for the week as I will be recommending a bullish position if prices close above 69.67 while then placing the stop loss under the 10 day low standing at 68.34 risking around $700 per contract plus slippage and commission.

The chart structure in cotton is outstanding at the present time as we are close to breaking out of an 8 week tight consolidation as prices are still trading above their 20 and 100 day moving average telling you that the trend has turned higher as the risk/reward is in your favor in my opinion.

Harvest in the southern part of the United States should be around 75% complete after this weekend as that should be wrapped up in the next several weeks as we will now focus on 2018's crop as demand has come back into this commodity as that is the main reason why prices have stopped their bearish trend.

The U.S dollar is near a 4 week low as that will start to help the agricultural markets as exports should start to increase especially if that trend continues to the downside so make sure that you risk 2% of your account balance on any given trade as a proper money management technique.

TREND: HIGHER

CHART STRUCTURE: OUTSTANDING

VOLATILITY---LOW

 

 

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