Pro Farmer Senior Market Analyst Rich Posson says funds continue to buy cotton futures and fundamentals are improving. "Prices surged last week," he notes. "The trend is up into a Level 1 top that may not occur until early June with objectives ranging from 69.00 to 74.00 cents for the July contract."
In the July cotton chart below, Posson uses technical indicators such as stochastic, moving averages, trendlines as well as his business-cycle analysis:
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