Cotton Futures—Cotton futures in the July contract is ending the week on a positive note up 126 points at 79.00 after settling last Friday in New York at 78.59 continuing its bullish momentum. I have been recommending a bullish position from around the 76.70 level and if you took that trade the stop loss has now been raised to 77.41 as the chart structure is excellent due to the low volatility.
The cotton crop report was released earlier in the week and was somewhat bearish as prices sold off, but now have rallied to a 5 month high as it looks to me that prices will test the next level of resistance between 81 / 83 soon.
Cotton prices are trading above their 20 and 100 day moving average as the trend clearly is to the upside as we are now entering the very volatile spring and summer months and if any type of weather situation develops you could see prices turn sharply higher in my opinion.
I will be looking at adding more contracts to the upside possibly in next week’s trade as the risk / reward remains in your favor so stay long.
CHART STRUCTURE: EXCELLENT
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