Cotton (CT) Tests Key .80 Level Post-WASDE

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Cotton (CT) initially spiked higher yesterday on the WASDE release, breaking above the psychologically key 0.80 whole figure level only to reverse the day's gains, closing slightly lower on the day. CT's rejection yesterday at triangle resistance (on the daily chart), together with the second straight weekly Doji forming suggests that any test of a 5 month downtrend/downchannel/triangle resistance (on the weekly chart) will have to wait until at least early next week. Significantly, CT has over the past month and a half been holding a major uptrend/triangle support (on the weekly chart), trying to resume this uptrend. The weekly, daily and 4hr RSI, Stochastics and MACD are rallying, bottomish or consolidating recent gains. I am long as of yesterday at .789, and am targeting the red zone for Monday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

Cotton (CT) Weekly/Daily/4hr

CT (Cotton) Technical Analysis

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