Cotton is struggling with the 69.00 level

The October contract of cotton has found a good resistance around the 69.00 zone as we can see on the daily chart. The lower shadows of the most recent candles are indicating us that the bullish pressure is accumulating at the 69.00 level. A bullish breakout of the 69.00 level could cause the bullish momentum to accelerate and the commodity may try to reach the high at the 77.80 level, but we must also keep in mind that the highs of the candles on the way to the 77.80 level could act as resistance also. The MACD indicator is showing us that probably a bullish trend has started, but it has not gained enough strength. To the downside, the 200 day exponential moving average, around the 65.30 level may act as support.