Time To Become Neutral Cotton

Cotton Futures---Cotton futures in the March contract settled last Friday in New York at 71.25 while currently trading at 69.70 as I had been recommending a bullish position from the 66.60 level getting stopped out earlier in the trading week at 69.05 as it is time to move on and become neutral.

At the current time prices are right near a 2 week low as most sectors across the board are lower due to the fact of the Coronavirus which has developed and could end up being a substantial problem worldwide, however I have experienced many of these as they seem to fizzle very quickly as I'm not that concerned.

At the current time prices are trading right at their 20 day but still above their 100 day moving average as the trend is neutral to mixed as I still believe higher prices are ahead, but I will wait for the chart structure to improve therefor the risk/reward will be more in your favor to enter into a bullish position as I think we'll see some choppy action in the coming weeks ahead.

At the current time I do not have any recommendations out of the soft commodities as coffee prices continue to go lower and I'm looking at a possible bullish sugar position to the upside in the coming days ahead so sit on the sidelines before entering into a bullish or bearish position which is not prudent at this time.

TREND: MIXED

CHART STRUCTURE: POOR

VOLATILITY: INCREASING

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