I Remain Bearish Cotton Prices

Cotton Futures---Cotton futures in the July contract settled last Friday in New York at 68.45 while currently trading at 66.15 down about 230 points for the trading week continuing its bearish momentum as I still remain bearish despite the collapse in price that we witnessed over the last several weeks.

I've been recommending a bearish position from around the 75.74 level and if you took that trade the stop loss has now been lowered to 74.72 which is the 2 week high and the exit strategy, however that will be lowered significantly in the coming days ahead there for the monetary risk will be reduced tremendously.

The U.S dollar is still hovering right near a 2 year high as I also have a bullish recommendation in that currency as that is also putting pressure on many commodity sectors so stay short as I still think there's a possibility prices could trade down to the 60 level in the coming weeks ahead.

Cotton prices are trading far below their 20 and 100 day moving average as clearly the trend is to the downside as the entire soft commodity sector remains bearish. I also have a negative trade in sugar which continues to hit a contract low in today's session so stay short while placing the proper stop loss as who knows how low prices can trade.

TREND: ---LOWER

CHART STRUCTURE: IMPROVING

VOLATILITY: HIGH

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