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Melina DELTASJunior Market Analyst
Friday, 17 February 2017 12:57

U.S. Cotton Extends Declines Below $75.00

Written by 
Published in Commodites & Metals

U.S. Cotton futures with delivery in March 2017 keeps declining for the third consecutive day after breaking down of the uptrend line connecting the bottoms from the end of December, 2016 and the mid of January, 2017 and reaching the price of $74.30.  We expect that during the next days the price of the commodity to continue falling until the support level at $72.80. On the other hand, if the bulls come back on the stage and cotton rises above $76.40, the next target will be the key level at $77.30 (the high formed on February 02, 2017).

A look at the technical indicators confirms the expectation for the decline. The price is below 50 and 100 EMA on the 4-hour chart. MACD is keeping declining below zero line. RSI is sloping down, crossing below 30 level and entering into the “oversold” zone.

USCotto_H7H4.17.02.2017.png

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