Cotton Futures—Cotton futures are trading at a 4 month high up another 63 points at 65.35 looking to break the critical October 14th high of 65.85 possibly in today’s trade as we await the Federal Reserve comments which will be released at 1pm and could send volatility back into this commodity.
I have been recommending 2 bullish positions originally from the 61.50 level then adding a 2nd contract at 63.60 and if you took those trades continue to place the stop loss under the 10-day low which stands at 63.97 as an exit strategy as the chart structure is excellent at the present time as prices have been stuck in the mud over the last 2 weeks.
Harvest is about 50% complete as that is keeping volatility at bay, however this market technically speaking still looks to move higher as we continually grind higher on a weekly basis so stay long. Cotton prices are trading above their 20 & 100 day moving average and if 65.85 is broken the next level of resistance stands at the 67.00 as there’s more room to run in my opinion.
CHART STRUCTURE: EXCELLENT
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