Whats up tradingview commnity? Last time we talked about cotton I mentioned that I would be looking for a buy if we got below 84. And well we did...was kinda scary wasn't it? Shot down there like it was gonna reverse or something (still could ;) But like I mentioned in the previous post on cotton, in an environment where it should be going lower, its holding...
Hey guys, I'll get stright to the point! Cotton looks really bullish to me :D The better part of this year we have seen some bullishrallies, but nothing that has really taken us out of the 77-83 range. While other commodities have shown strenght or declined Cotton has done...not much. When I see that I start to think we are getting ready for a bigger move! Right...
Cotton has been fairly range bound after its fall from grace in 2011.
If the wedge continues through the long term downward resistance, I see difficulties breaking above 0.9445 with the possibility to short into 0.5707
Watch levels around 0.8601 to confirm downward movement.
We are not very excited about Cotton so far .
Unless it manages to break the 87 level , we still think it will be in a consolidation mode till mid/late January of 2019.
The cycles are positively configured , and there is a positive momentum with higher highs and lows but nothing to write home about.
We will be watching this market closely for any breaks of the 87...
US Department of Agriculture revised its world cotton opening stocks downwards by 900,000 bales for April, according to the WASDE report. At the same time the USDA downgraded its forecast for world ending stocks for 2017-18 by 600,000 bales. Lower world inventories are bullish for cotton prices.
On the daily timeframe the Cotton: D1 has been retracing following...
COTTON is in accumulation phase
in the short term it should break the congestion area (68-69.5)
and climb to test the pullback line in the area (70.5-71)
You can enter long if close an hourly candle over 69.328 cents
bringing over only in the case that in the day exceeds 69.78 cents
otherwise close and try again the next day
XiNiaN 4 - Trading System - V....
This is a very ideal setup that i always take. We see a pullback then a reaction from one of the range level closings below the 10EMA, it simply is telling us the sellers are going to push this back down again! good luck!
COTTON, entry long started
COTTON - ADX / ADM - TS V. 2.8.4 - Intraday levels for 08/08/17
ADM - Average Daily Movement - Intraday Levels
Close to close candle ... if exceeded the indicated level
on the contract CTZ17 Contract - Dec '17
LONG if> 70,796
TP1 = 71,294
TP2 = 71,847
TP3 = 72,953
SL = 70,304
SHORT if <70,304
Cotton has been falling for the past few months. Signs of consolidation and lost of steam has begun. Before we go into the charts, a brief summary of what we see empirically - Prices tend to bottom out around August. Immediate low presents a strong support due to historical hits and fib hits.
RSI and MACD has indicated buy signals. Confirmation upon;
After a thorough analysis, numerous bat patterns were discovered in the historic data of cotton. It is anticipated that a bearish bat pattern is about to complete, currently in the CD leg. The entry point is expected to occur at 0.7740. Stop loss is 0.7793, 113% extension of XA. Profit targets will be at 0.7581 and 0.7484 which are the 38.2% and 61.8% retracements of AD.