LEONES

Cotton is oversold - bottoming

Long
ICEUSA:CTZ2014   None
3
I switched to the December2014 contract (CTZ14) because the July one is approaching expiry date. Here we have a different pattern. The price reached support today at 76.00. Oversold in the short and medium term. A trade above 77.55 would trigger the long entry with target objective 80.50, first resistance on the way. It could be a major bottom. A trade below 76.00 on the other hand would confirm the continuation of the bear trend.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.