Cotton Prices Lower 4th Day In A Row
Cotton Futures—Cotton futures in the March contract is trading slightly lower for the 4th consecutive session down another 10 points at 64.70 as the volatility is extraordinarily low for such a historically volatile commodity.
The crop progress report showed that 83% of the U.S crop has been harvested which is right on schedule & should be wrapped up in a couple of weeks as demand has been the main problem for these depressed prices as it looks like we will not have a trade agreement with China as President Trump stated today that he might wait until after the 2020 election which would be a negative influence on prices.
I have been recommending a bearish position from around the 65.00 level and if you took that trade continue to place the stop loss at 67.13 as I will be looking at lowering that stop in next week’s trade therefor the monetary risk will also be reduced.
As I have stated in previous blogs I do believe that a rounding chart pattern has formed as that is a bearish technical indicator that predicts lower prices ahead so stay short as I do think volatility will come back soon.
CHART STRUCTURE: EXCELLENT
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