Cotton Futures: Another Leg up or Corrective Price Action First? & Support and Resistance Levels 10.26.2021
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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Cotton Futures: Another leg up or corrective price action first?
By John Thorpe, Senior broker
After the October 8th hi in the 116.50 area and the subsequent low Wednesday the 13th, 4 trading days later , in the 103.50 area (notional move of $6500.00 hi to lo ) today the markets expressed a slightly bullish tone to start the week at 108.42 up 14, the last 10 minutes saw profit taking. .
The Cotton Futures
market appears to be in a consolidation mode and preparing for a high energy move either up or down.. I would prepare to either buy an upside breakout with a stop order or sell one for a downside breakout with a stop. contact your broker
for instructions on placing a strategy order to accommodate such an eventuality. this market may just foment around here a few more days before we go high energy in either direction again. stayed tuned for updates.
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The recommendations contained in this letter are of opinion only and do not guarantee any profits.
There is not an actual account trading these recommendations.
Past performances are not necessarily indicative of future results.
Cotton Futures Daily Chart Below
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Tags: Cotton futures; cotton > Softs Futures
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