Cotton Futures—Cotton futures in the March contract is currently trading lower by 53 points at 65.47 as I had been recommending a bearish position from the 65.00 level over the last several weeks getting stopped out last Friday around the 66.10 level taking the small loss and moving on as this market continues to trade in a sideways manner.
In my opinion I still have a bearish bias to the downside as we could be involved once again if prices break down as prices continue to trade in a choppy grinding pattern, however I do think a breakout is looming to the upside or the downside in the coming weeks ahead so be nimble and keep a close eye on this market as the chart structure is outstanding at the present time.
Cotton prices are now trading right at their 20 day and still above their 100 day moving average as the fundamental picture for this commodity remains in limbo as we continually wait for a possible trade agreement with China which continues to flip flop prices on a daily basis so sit on the sidelines as we could be involved once again soon.
CHART STRUCTURE: EXCELLENT
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