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ICE Cotton has reached the June 2017 high at 72.21 and firmly has the January high at 73.00 in its sights, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, informs.

Key quotes

“ICE December Cotton continues to surge higher with the 72.21 June 2017 peak so far having been reached and the 73.00 January high remaining in focus. Further up the February 2019 low can be found at 73.92 and the December 2018 trough at 74.87. Then the 55-month moving average can be seen at 75.13 and the 200-week moving average at 75.33.” 

“Minor support sits between the 69.47 October 12 high and the 68.41 October 15 low. Good support can still be found between the late August and September highs at 66.93/45. Further support is being seen between the July and early August highs as well as the late September low at 65.05/64.65. While this support area underpins, we will retain our medium-term bullish outlook.”