Cotton Futures--- Cotton futures in the May contract are trading higher by 60 points this Wednesday afternoon currently trading at 77.50 as I was recommending a bearish position around around the 76.25 level getting stopped out taking the small loss in a very disappointing trade as prices sold off rather dramatically only to rally about 400 points over the last 5 trading days as its time to move on and look at other markets that are beginning to trend.
Prices are trading above their 20 and 100 day moving average telling you that the trend is higher as demand for this commodity is very strong at the present time despite the fact that we could produce a record crop in the United States, however my strategy if I'm short is to exit at the 2 week high so move on.
I was also recommending a short position in the December cotton which is the new crop from around the 74.25 level getting stopped out around the 74.55 area taking around 130 point loss as the chart structure was excellent in the December contract as that's why I decided to add to this market, but it turned on a dime in a very frustrating trade.TREND: HIGHER–CHART STRUCTURE: POOR
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