Cotton prices stuck in “Symmetrical Triangle pattern”

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Cotton futures trading at MCX fails to breach resistance and corrected since morning. Cotton prices trading near Rs.21850 per bales and likely to get support around Rs.21500 levels. Prices are correcting despite of global production cut estimate.

Technically, prices are trading in “Symmetrical triangle pattern” and the key support and resistance for the prices are Rs.21500 and Rs.22700. Either side breakout can clear the trend for cotton.

However, the domestic consumption looks strong from miller and retailers and likely to support prices in upcoming sessions of trade.

MCX Cotton futures opened with negative note and trade downwards since then. Prices are trading at Rs.21840 per bales up by 1.84 per cent, recently. Open interest on July contract stood at 3567 lots.

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