cotton market prices today outlook 2 march 2011

cotton market prices today outlook 2 march 2011 : May cotton closed up 237 points at 193.60 cents yesterday. Prices closed nearer the session low yesterday. Serious near-term technical damage had occurred recently to suggest a market top is in place. However, prices have made a good rebound to repair some of that damage.

Look for continued high volatility in the cotton market. The next downside price breakout objective for the cotton bears is to produce a close below solid technical support at last week's low of 175.13 cents. The next upside price objective for the bulls is to produce a close above technical resistance at 200.00 cents. First support is seen at yesterday's low of 191.57 cents and then at 190.00 cents. First resistance is seen at 195.00 cents and then at yesterday's high of 198.23 cents. For the latest updates PRESS CTR + D or visit Stock Market news Today

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