I Am Bullish Cotton Prices

Cotton Futures--- Cotton futures in the March contract settled last Friday in New York at 68.77 while currently trading at 68.94 basically unchanged for the trading week still stuck in an 8 week tight consolidation as I'm looking at a bullish position if prices break yesterday's high of 69.67 & if that does occur place the stop loss at the 2 week low standing at 68.07 risking $800 per contract plus slippage & commission.

The chart structure in cotton is outstanding at the present time as prices reacted pretty neutral off of the USDA crop report which was released yesterday stating that the U.S will produce around 21.38 million bales which was pretty much expected as this market looks to turn bullish in my opinion.

Cotton prices are trading above their 20 and 100 day moving average telling you that the trend has turned to the upside as the risk/reward are in your favor in my opinion as the breakout could happen in Monday's trade so keep a close eye on this market as we could be involved in next week's trade.

The agricultural markets have been going sideways for quite some time as the downside I think is very limited as I'm bullish the commodity markets as I will not take a short position in cotton as I think historically speaking prices look cheap.

TREND: ---MIXED---HIGHER

CHART STRUCTURE: ---EXCELLENT

VOLATILITY: LOW

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