🧵✨ Cotton Futures (CT1) — Market Snapshot ✨🧵
📉 Trend: Upward
💵 Renewed U.S.–China trade discussions are boosting hopes for stronger Chinese demand, offering some upside support.
🌍 End of U.S. government shutdown concerns has added mixed sentiment, keeping gains measured.
📊 Technical Indicator: 🔁 Fibonacci Retracement
🐦 Prices are currently hovering near the 23.6% Fibonacci retracement level, a strong support zone.
💰 Support: 🟢 64.06 USD/lb
Cotton futures typically show stronger performance in November.
💵 Resistance Zone: 🔴 65.75 – 66.00 USD/lb
📉 A potential profit-taking area or range-top resistance for short-term traders.
📊 Open Interest: 📄 155.97K contracts
🪙 Indicates active participation, with both speculators and hedgers positioning amid market weakness.
🧶 Future Type: 🌾 Cotton (CT1)
📍 Traded on the Intercontinental Exchange (ICE US) — the global benchmark for cotton pricing.
It’s a caution that the information provided is for knowledge purposes only and should not be taken as a recommendation to buy or sell assets.
