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Cotton Prices Look Weak


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Cotton Futures--- Cotton futures in the December contract is trading lower for the 3rd consecutive session hitting a fresh contract low down another 40 points at 62.09 as I am currently not involved in this market, but I do think lower prices are ahead.

As I have talked about in previous blogs I was looking to be a seller on some type of rally, but that has not occurred and if you have followed my trading theory which states when prices hit a contract low further contract lows come about and that is exactly what is occurring in this commodity.

Cotton prices are trading far below their 20 and 100 day moving average breaking out of a 6 week consolidation last week as it looks to me that prices will test the 60.00 level as ideal weather conditions in the southern part of the United States continues to put pressure on prices.

Fundamentally speaking the fact that we have not come up with a Chinese trade agreement definitely hurts cotton prices as they are the largest importer of U.S cotton in the world and it doesn't look like an agreement on trade is going to happen anytime soon so if you are short stay short.

TREND: LOWER

CHART STRUCTURE: SOLID

VOLATILITY: LOW

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

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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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