COTTON Analysis: Lower cotton supply estimate bullish for #C-COTTON

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