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May 28, 2023Friday at a glance: bullish sentiment helped Cotton to push $3.52 higher, reaching session highs around $83.74, before consolidating until close. Ultimately, ICE Cotton closed Friday at $83.64 per pound.
Cotton made an initial breakout above its 50 day Simple Moving Average at $82.24, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $83.29 currently serving as resistance Despite this, Cotton could be slowing down soon as it approaches resistance at $84.88. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems ICE Cotton might continue pointing upwards in the short term.
The commodity has been trending positively for about 2 months. Having set a significant high of $146.62 11 months ago, ICE Cotton is trading 45.36% lower.
