Looking To Buy Cotton !

Cotton Futures--- Cotton futures in the May contract experienced a wild trading session this Tuesday afternoon in New York hitting a contract high at 86.60 earlier in the morning while then selling off over 400 points to finish down 280 points at 82.43 filling the gap that was created in yesterday's trading session.

I have been bullish this commodity, but I have not been involved, however if tomorrow's trade touches the 81.00 level I will be recommending a bullish position while then placing the stop loss under the 10 day low at 79.23 as the risk would be around $900 per contract plus slippage & commission as the risk/reward would be in your favor in my opinion especially with this high volatility that currently exists.

Traders are awaiting this Thursday's USDA crop report and I think today was basically blamed on profit taking ahead of that critical report as prices still touched a 3 year high as this market still remains bullish so look to be a buyer come tomorrow.

Prices are still trading above their 20 and 100 day moving average as the trend is higher as the agricultural markets across the board trends are higher as prices rallied about 900 points over the last 3 weeks as today was a retracement due to overbought conditions so be nimble in tomorrow's trade & look for the 81.00 level to be a buyer.




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