Waiting for Cotton Futures to get out of the range.
From around the beginning of November 2022, Cotton futures have been trading in a range, roughly between the 75- and 89-dollar marks. As long as the price remains in that range, we will stay neutral. Only if we see the commodity breaking through one of the sides of that range, only then we will consider the next short-term directional move.
A break through the upper side of the aforementioned range would confirm a forthcoming higher high, potentially inviting more buyers into the game. Such a breakout may clear the path somewhere towards the 101 zone.
Alternatively, a drop below the lower side of the range could temporarily spook the bulls from the field. Cotton might then drift to the area near the 70 hurdle, or to the 65 territory, which was last time tested in July and September of 2020.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
A break through the upper side of the aforementioned range would confirm a forthcoming higher high, potentially inviting more buyers into the game. Such a breakout may clear the path somewhere towards the 101 zone.
Alternatively, a drop below the lower side of the range could temporarily spook the bulls from the field. Cotton might then drift to the area near the 70 hurdle, or to the 65 territory, which was last time tested in July and September of 2020.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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