March cotton futures at the New York Board of Trade on Wednesday saw a big pop higher, but at midsession were trading near the session low. See on the daily bar chart that prices are still in a solid downtrend. It will take a push above stiff trendline resistance at 53.50 cents in March cotton to provide the bulls with some fresh upside technical momentum to suggest that a market low is in place.
The next downside price objective for the bears is pushing and closing prices below the contract low of 50.81 cents a pound.
click on the chart to enlarge
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