Saturday, November 7, 2015
Cotton Looking More Bearish
The U.S dollar is up sharply this afternoon continuing its bullish momentum which is a negative towards commodity and cotton prices as the agricultural markets look very weak presently so continue to play this to the downside while taking advantage of any rallies as the risk/reward is highly your favor as excellent chart structure is allowing you to lower monetary risk.
The next major level of support is between 60/61 and if that is broken look out to the downside in my opinion as I tried shorting cotton several times over the last several months and have been unsuccessful so maybe the third time is the charm. TREND: LOWER–CHART STRUCTURE: EXCELLENT