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December Cotton Reaches Critical Level
James Hyerczyk, The Pattern, Price & Time Report
Published 07/29/2009
- 1:06 p.m. EST
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Daily Analysis
December Cotton
December Cotton closed a little higher and seems to be stabilizing at a .618 retracement point at 58.67. Holding this level and regaining 59.88 could trigger a retracement rally to 61.49 to 62.31.
If demand doesn't pick up in this market then look for the break to continue to at least 55.62. A close under 58.67 will be the first sign that this market is going to weaken further.
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