There is also some trouble with cotton’s technical outlook.
Looking at the weekly continuation chart for Cotton futures, we notice prices trading below previous support at 57.05 and reaching price levels not seen since September 2009. While prices are forging a 6 ½ year low, the 14-week RSI has not yet reached oversold levels, which could leave room for further price declines,” adds OptionsExpress.
iPath Dow Jones-UBS Cotton Subindex Total Return ETN
