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Cotton Stuck In A 7 Week Consolidation


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Cotton Futures---Cotton futures in the December contract is currently trading at 68.20 while settling last Friday in New York at 68.80 up about 60 points for the trading week still stuck in a very tight 7 week consolidation waiting for some fresh fundamental news to dictate short-term price action.

Traders are awaiting next week's USDA crop report which could send volatility back into this market as a frost in West Texas looks like it damaged some of the crop coupled fact that we had floods after the hurricanes which should have had some impact on cotton yields, but we will find out next week on the exact situation.

Cotton prices are trading right at their 20 and 100 day moving average as the trend basically is mixed as I am not involved as I'm looking at a possible breakout above the 70.22 level as the chart structure is excellent and the risk/reward will be in your favor & if that level is breached which could possibly happen off the USDA crop report as the agricultural sectors have gone nowhere due to the fact that the U.S dollar is at a 14 week high coupled with the fact that we are in the midst of harvest which generally does keep a lid on prices. TREND: MIXED CHART STRUCTURE: EXCELLENT

If you are looking to contact Michael Seery (CTACOMMODITY TRADING ADVISOR) at 1-312-224-8140 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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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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