Cotton Prices Hit New Highs

15 Dec in Blog, coffee futures, commodity trading, cotton futures, futures trading, lumber futures, Mike Seery, orange juice futures, seeryfutures, sugar futures

Cotton Futures---Cotton futures in the March contract is trading sharply higher for the 3rd consecutive session after settling last Friday in New York at 73.72 while currently trading at 76.13 hitting another contract high blowing through major resistance up about 240 points for the trading week.

I have been recommending a bullish position from around the 70.50 level & if you took the trade continue to place the stop loss under the 10 day low standing at 72.10 as the chart structure is poor at the present time due to the recent run-up in prices, however the stop loss will be raised 3 days from now therefore lowering the monetary risk.

Strong demand for this commodity continues to push prices higher as this is by far the strongest agricultural commodity as most of the other sectors continue to melt away, but this trend is getting stronger on a weekly basis.

If you take a look at the daily chart the main reason for the recommendation was when prices broke out of a 9 week tight consolidation as the original risk was around $1,000 per contract plus slippage and commission as I will not add any more positions as the risk/reward at this time is not in your favor, but I do think we could head up to the 80 level in the weeks ahead so stay long & continue to place the proper stop loss.

TREND: HIGHER

CHART STRUCTURE: POOR

VOLATILITY---AVERAGE

 

 

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