Cotton shows Buy Signal
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Cotton futures rallied today (3/11) as the U.S. dollar declined.
This move higher gives me a fresh buy signal for May cotton on the daily chart. Cotton gave a buy signal on the weekly chart last week and the trend is up on the monthly chart. Today's buy signal comes after three consecutive down days.
The USDA reported yesterday that cotton import demand in China is up with their imports increasing by 500,000 bales.
In my opinion this retracement may be a good buying opportunity.
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To review what I consider a "buy signal" watch Larry Baer's Traditional Trending Strategy video: http://www.youtube.com/watch?v=iro7sFQRG5k
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