mjhillpp

CT overbought. Looking for sideways to take a breather

ICEUS:CT1!   COTTON NO. 2 FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
Technically overbought. New highs made with declining volume . Not an indicator for continued strength. Overall uptrend is intact, but we are near upper end of trend channel. On top of that market is overbought based on BB, RSI and Stochastik.

Targets:
1. Middle bollinger Band
2.Upsloping red shorter term trendline
3. Longer term red trend line , and 100 day MA and lower BB (all similar area). --> big support
4. 200 day MA (yellow)

Comments

Thanks Andreas, glad to see we have almost exactly the same view. I have cotton buyers that are very aftaid of a price shooting up in the future based on fundamentals, so another view is always welcomed.
Reply
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