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Cotton Prices Stuck In 5 Week Consolidation


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Cotton Futures---Cotton futures in the December contract settled last Friday in New York at 81.99 while currently trading at 81.50 down about 50 points for the trading week experiencing high volatility due to the Hurricane Florence situation which is hitting South and North Carolina putting concerns on the cotton crop.

At the present time I'm sitting on the sidelines waiting for a break out to occur & if prices crack the 84.25 level I will be recommending a bullish position while then placing the stop loss under the 10 day low so be patient & let's see what next week's trade brings as we will start to see what type of damage was done to the cotton crop.

Estimates of this year's production numbers are slightly under 19 million bales as state the of Texas experienced a drought in certain areas as this will not be a record crop as I still have a bullish bias to the upside despite the fact that prices are still trading under their 20 and 100 day moving average as the short-term trend is lower in my opinion, but it really is mixed.

My only soft commodity recommendation is a bearish orange juice trade as I'm keeping a close eye on sugar and coffee both to the upside as cotton prices have now been stuck in a 5 week tight consolidation pattern as I think a breakout could happen possibly in next week's trade.

TREND: MIXED

CHART STRUCTURE: EXCELLENT

VOLATILITY: HIGH

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-630-408-3325 I will be more than happy to help you with your trading or visit www.seeryfutures.com

Skype Address: mseery TWITTER---@seeryfutures

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Email: mseery@seeryfutures.com

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There is a substantial risk of loss in futures and futures options. Furthermore, Seery Futures is not responsible for the accuracy of the information contained on linked sites. Trading futures and options is Not appropriate for every investor.



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About the author


Michael is the sole owner of SEERYFUTURES.COM which is a commodity futures and options consulting, advisory, and educational firm.

Michael frequently appears on multiple business networks including Bloomberg News, Fox Business, CNBC Worldwide, CNN Business, and Bloomberg TV. He also writes market commentary for several commodity websites and is interviewed for commodity comments by the Wall Street Journal. He is also a guest on First Business, which is a national and internationally syndicated business show.
 
Michael started his career in 1990 at the Chicago Board of Trade as a runner. He soon worked his way up to becoming a Series 3 broker. He works with seasoned traders as well as novice beginners educating them on trading the futures markets as well as using simple and complex option strategies. Michael covers all markets including grains, metals, energies, and all other futures markets that are traded.
 
To Michael the biggest lesson any trader needs to learn is risk management. Michael believes this is the most important factor in trading. He also works with traders to help them determine the proper risk for their trading style. Michael has spent a lot of time educating his clients to help them understand trading strategies and trading techniques while enjoying spending quality time with customers going over the markets or just talking general trading philosophies.

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