Stay Long Cotton

Stay Long Cotton
Stay Long Cotton

Cotton Futures—Cotton futures in the December contract is trading higher by 50 points at 65.06 continuing it’s bullish momentum as prices are near a 3-month high.

I have been recommending 2 bullish positions originally from the 61.50 level then adding a 2nd contract at 63.60 and if you took those trades continue to place the stop loss under the 10-day low which stands at 60.98 as an exit strategy as the chart structure will also improve in next week’s trade therefor the monetary risk will be lowered.

For the bullish momentum to continue prices have to break the October 14th high of 65.85 as that could possibly happen in today’s trade as this commodity continues to grind higher on a weekly basis. The chart structure will start to improve on a daily basis therefor the monetary risk will also be reduced and as I’ve talked about in many previous blogs a nice rounding bottom has taken place as I think prices could head up to the 70 level in the coming weeks ahead.

Cotton prices are trading above their 20 and 100 day moving average as this trend is strong to the upside & if any solid trade agreement with China comes about this market could move substantially higher in my opinion as I see no reason to be short so continue to place the proper stop loss.





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