Cotton Higher 4th Day In A Row

Cotton Futures---Cotton futures in the December contract is trading higher for the 4th consecutive session currently trading at 65.32 after settling last Friday in New York at 63.88 up about 140 points for the week hitting a 31/2 month high.

I have been recommending 2 bullish positions originally from the 61.50 level then adding a 2nd contract at 63.60 and if you took those trades continue to place the stop loss under the 10-day low which stands at 60.79 as an exit strategy as the chart structure will also improve in next week's trade therefor the monetary risk will be lowered.

The next major level of resistance stands at the 66 level as I think that could be touched in next week's trade as there is significant room to run in my opinion as there is optimism about a U.S and China trade agreement coming about next month as that certainly would be a very bullish fundamental factor towards higher prices ahead.

I will be looking at adding more contracts once the risk / reward become more in your favor as a nice rounding bottom occurred in the month of September so stay long and continue to place the proper stop loss as I see no reason to be short.

TREND: HIGHER

CHART STRUCTURE: IMPROVING

VOLATILITY: AVERAGE

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 as I will be more than happy to help you with your trading or visit www.seeryfutures.com

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