Cotton Futures Hit 3-Month High

March cotton futures on Thursday popped to a fresh nearly three-month high of 55.50 cents a pound. Bulls do have upside technical strength, as they have worked prices well off the contract low of 50.81 cents, scored in late November. The next upside price objective for the cotton market bolls (woops, I mean bulls) is solid chart resistance at 56.50 cents.

click on the chart to enlarge
Cotton Futures
Bears would regain some downside technical momentum by pushing March cotton futures back below trendline support, which is located around 54.00 cents.
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