Cotton rests near key support 21500

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Cotton futures at MCX opened with negative sentiments and traded lower till early afternoon session. Prices are trading near Rs.21740 per bales down by 0.80% on lack of demand.

Cotton, raw material for Textile industries have halted their demand and would like to reenter on bottom levels. Prices are trading in range of Symmetrical triangle patter and breakout could confirm the further trend.

Cotton futures at MCX can expected to trade lower till Rs.20500 per bales after breaching support level of 21500 while prices have resistance near 22500 levels, breaking Rs.22500/bales on higher side could take prices to test Rs.24000.

Participants can wait for clear indication before entering into position while traders having profits can book profit and wait for further confirmation.

MCX Cotton July contract prices were trading down by 0.80 per cent at Rs.21740 per bales having open interest of 3661 lots.

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