Cotton (CT) Testing 6 Month Downtrend Resistance

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Cotton (CT) is consolidating a 2nd day following Monday's strong rally that punctured a 6 month downtrend resistance (on the weekly chart). With CT hovering around the psychologically key 0.8000 whole figure level and the weekly chart downtrend resistance, a retest of triangle resistance (on the daily chart) appears likely for this week. Any further slide today should be relatively contained with the weekly and daily RSI, Stochastics and MACD bottomish, rallying or consolidating. I am looking at going long in the green zone (of the daily chart), targeting the red zone for Friday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

Cotton (CT) Weekly/Daily/4hr

Cotton (CT) Technical Analysis

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