
Cotton Futures—Cotton futures in the July contract settled last Friday at 52.86 while currently trading at 55.44 up about 250 points for the trading week as prices are right near a 5 week high. Spring planting is currently underway in the southern part of the United States as weather conditions will dictate short-term price action for the next several months as the volatility will certainly expand especially if hot and dry weather conditions come about.
Several states have opened retail stores which should spark demand for cotton which would be a bullish fundamental factor that has been the main reason for these multi-year lows. Cotton prices are still trading above their 20-day but below their 100 day moving average as the trend is mixed to higher, but I do believe that the risk / reward is in your favor to take a bullish position.
TREND:HIGHER–MIXED
CHART STRUCTURE: SOLID
VOLATILITY: AVERAGE
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