Cotton tries to bounce

Cotton tried to bounce overnight from the 77.50 level and pushed as high as the 80 cent level before fading back to close around 78.35. Whilst the session overall closed higher from the open this was a slightly negative signal and I think probably indicates the price is going to drop again towards the 74 to 75 cent range. Whether it holds there is another matter but at the moment best to wait on the sidelines.