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Cotton (CT) slid nearly 2% in profittaking yesterday, falling back below the psychologically key .75 whole figure level. Although there is a slight chance of CT weakening further in the next day or so to upchannel support (on the 4hr chart), bulls are increasingly buying on dips eyeing Wednesday's break above the downtrend resistance line (on the daily chart) coinciding roughly with .75 and downchannel resistance (on the weekly chart). The weekly and daily RSI, Stochastics and MACD are bottomish, rallying or consolidating recent gains. I am flat after profitably closing longs yesterday and am looking at re-entering long in the green zone (of the daily chart), targeting the red zone for Tuesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).
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