October 25th, 2021 Filed under Future Trading News, futures trading education | Comment (0)
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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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Cotton Futures Daily Chart Below
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