(March 11, 2002) COTTON: The daily trend in cotton futures reversed to bullish this week and is now in sync with the bullish weekly trend. Cotton is nearing weekly resistance levels of 4000 that it failed at in February this year. If prices break above resistance this time around Fibonacci expansion analysis projects prices reaching 4900, which is also long-term resistance. After briefly selling into recent rallies, commercials have shifted again to a buying posture in the cotton market. All this means is to trade cotton with a bullish condition and look to be buyers on dips to support.
