Cotton Futures—Cotton futures in the July contract settled last Friday in New York at 78.31 while currently trading at 78.59 up slightly still hovering right near a 4 month high. I have been recommending a bullish position from around the 76.70 level and if you took that trade place the stop loss under the 2 week low which now stands at 76.53 as the chart structure is outstanding at the present time due to the low volatility.
Large money managed funds are now long about 8,700 contracts as they could still add more fuel to the fire as the fundamental picture for this commodity still remains bullish due to lower acres that will be planted in 2019.
The next major level of resistance is between 81/82 as there is room to run as I will possibly be looking to add more contracts to the upside in next week’s trade. Cotton prices are trading above their 20 and 100 day moving average telling you that the trend is higher as this is one of the stronger agricultural markets at this time so continue to play this to the upside.
CHART STRUCTURE: EXCELLENT
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