Bears Are in Control of Cotton Prices. Sell Now Before They Head Lower.

December cotton (CTZ26) futures present a selling opportunity on more price weakness.

See on the daily bar chart for December cotton futures that prices are trending lower. The trend is the bears' friend and the bears have the overall near-term technical advantage.

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Fundamentally, growing conditions for most of the U.S. cotton crop have been good so far this year, with the southern Plains recently receiving beneficial rains. On the demand side, China has not been a major buyer of U.S. cotton. At the same time, the natural fiber is losing apparel market share due to synthetic fibers gaining in popularity among consumers.

A move in December cotton futures below chart support at the June low of 75.23 cents would give the bears more strength and it would also then become a selling opportunity. The downside price objective would be 67.50

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/commodities/articles/bears-control-cotton-prices-sell-151544303.html)