Cotton Futures---Cotton futures in the March contract is sharply lower this Thursday afternoon in New York down 211 points at 79.04 continuing its remarkable choppy trend with high volatility as prices filled the gap that was created on Monday.
I have been recommending a bullish position over the last couple of months originally in the December contract at 79.60 & if you took that trade continue to place the stop loss at the contract low which was hit on October 1st at 76.50 as I still believe prices are in a bottoming out pattern and look to move higher.
The commodity markets remain extremely choppy to negative as the U.S stock market now has fallen out of bed over the last several days as all the euphoria that was created on Monday with the possible trade agreement with China has faded very quickly.
For the bullish momentum to continue we have to break the 82 level in my opinion & if that does occur I think prices could trade much higher as the fundamental picture for cotton still remains bullish so stay long & continue to place the proper stop loss.
CHART STRUCTURE: SOLID
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