ICE Cotton Rising Trend May Be Threatened
On the daily chart, ICE cotton futures showed an upward trend of six weeks in March. However, due to the weakening of popularity, the price of cotton has slipped from a high of 52.40 cents last week. If we want to maintain the current upward trend, the market must see new energy as soon as possible.
In March cotton appeared at 48 cents an important technical support for the flat course and trend line. Under this price push, the upward trend will be negated, and cotton shorts will find the technological impetus for the recent market downturn.
Cotton bulls are also worried about other market factors. At present, the phenomenon of "breakthrough in February" appears to be in the grain futures market. The recent cotton market is a small entourage of the grain futures market. At the same time, the dreary economic prospect of the world continues to increase worries about demand in commodity markets, including cotton.
The cotton market is encouraged by the study of the market season. However, the study shows that the time frame for cotton futures to rise from January has entered the July time frame.
Editor: vivi
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