Cotton Prices Up 250 Points Hitting New Highs

Cotton Futures--- Cotton futures in the March contract are sharply higher this Thursday in New York up another 250 points at 82.15 anticipating a highly bullish USDA crop report which comes out tomorrow afternoon as we have now traded higher for the 4th consecutive trading session.

I have been recommending a bullish position from the 70.50 level as this trade continues to roll to the upside on a daily and weekly basis and if you took the trade the stop loss will remain at 77.30 as the chart structure has turned poor once again due to the fact that prices have rallied substantially over the last 2 days.

Prices are trading far above their 20 and 100 day moving average as this trend is getting stronger and I think there's a possibility we could trade between the 85/87 level especially if that crop report comes out bullish tomorrow as the poor quality of the U.S crop continues to push prices higher coupled with the fact of strong worldwide demand as the fundamental and technical picture is very bullish at the current time.

The trend is your friend when you trade the commodity markets and this trend still has legs to run in my opinion as I certainly am not recommending any type of short position as this market is the strongest out of the entire agricultural sector as the U.S dollar is hovering right near a 3 month low also supporting prices.




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