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Cotton No. 2 (COT) – Backing Away from a Downtrend Resistance Line Near $63.00

18 Sep 2019 2:00 pm
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Cotton No. 2 (COT) – Backing Away from a Downtrend Resistance Line Near $63.00

· Emerging selling pressure at a major downtrend resistance line ($62.50 - $63.00) has underpinned recent weakness in Cotton futures (Dec. ’19).

· Until a bullish trend reversal plays out, short exposure remains justified – prices may decline further towards the 20-/50-day MAs near $60.00-$60.50 / more near-term weakness may lie ahead.

Please note: Top Panel: 1) The dashed black line is the 20-period EMA, while the solid red line is the 50-period Weighted MA; the intermediate-term trend is bullish, when the 20-ema is higher than the 50-wma and vice versa; 2) ‘Blue’ bars indicate positive short-term momentum, and oscillator readings, and suggest traders consider buy-setups; ‘red’ bars on the other hand indicate bearish momentum. Bottom Panel: Shows the 14-period RSI indicator.

Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services LLP cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.


       
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