Cotton Futures–-Cotton futures in the July contract is currently trading at 78.00 ending the week on a sour note after settling last Friday in New York at 78.86 down over 85 points for the week.
I had been recommending a bullish position from around the 76.70 level getting stopped out earlier this week around the 77.10 level as I am sitting on the sidelines looking for another trend to develop.
If you take a look at the daily chart the chart structure remains excellent as prices really have gone nowhere over the last 3 weeks stalling out around the 79.50 level blamed on the bearish crop report that was recently released.
Cotton prices are now trading below their 20 day but still above their 100 day moving average as the trend is mixed as spring planting is in full swing in the southern part of the United States as weather will be the main dictator of where prices go for the next several months.
The volatility in cotton certainly is going to increase substantially over the next couple of months as we will not produce a record crop in the United States in 2019 due to the fact of lower acres so there really is the possibility of a secular bullish trend developing.
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