July 3, 2020
By IFCMarkets
Lower cotton supply estimate bullish for #C-COTTON
The United States Department of Agriculture’s (USDA) June acreage report on Tuesday showed a planted area estimate of 12.2 million acres for all cotton in 2020, down 11% from last year. And traders are closely watching for weather updates as Texas, the highest cotton-producing state, continues to be hot and dry. Lower supply estimates are bullish for cotton price. On the other hand improving weather in US cotton growing states is a downside risk for cotton.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Buy | |
| MA(50) | Buy | |
| Fractals | Buy | |
| Parabolic SAR | Buy |
Summary of technical analysis
| Order | Buy |
| Buy stop | Above 62.84 |
| Stop loss | Below 58.46 |
Market Analysis provided by IFCMarkets
