Earlier this Summer, Cotton rallied far above 200 daily (black). It broke down back to this level. When it comes to MA reactions, cotton is a beautiful example of that. It even reacts to 20 daily (blue) which isn't always true on other instruments. I will be looking to open a long today or tomorrow on the pictured level. SL is below previous consolidation range's...
Hey traders, a potential nice short opportunity is about to unfold on ICEUS:CT1! , which you might want to keep an eye on. Cheers
Cotton is a member of the Soft Commodities sector and is one of the more volatile commodities in its group. Weather conditions in producing countries, along with supply and demand are the main drivers behind the volatility. Since the coronavirus pandemic, demand has evaporated as factories and outlets cease to work and the ongoing feud between the U.S. and China...
Price is currently in a no trade area, price is trapped by the buyers and the sellers. Long and short zones are indicated as well as target zones. What do you think?
This is my thoughts about CT1! for the short and the long term