Cotton could be on the verge of a bullish correction before heading lower again.
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The market made a nice impulse up on the daily, and the correction of this long impulse brought the market into a range. A break from this range may take the price higher into correction or deeper in the direction of the primary trend, but I would take profit on the short trades at the start of the daily corrective impulse, and wait for a countertrend to target...
DBC commodity index, Commodity prices have stalled but should continue higher as mother nature continues to go haywire interfering with the growth of crops. with a lower yield and ever increasing demand producer prices must raise to accommodate for the hardships therefor that price increase should become reflected on the index price as well.
We hit the bottom of the channel. I will open a long position if the price pulls back. The risk to reward:5-6