• Cotton reversed from support area
• Further gains are likely
Cotton recently reversed up sharply from the support area lying between the pivotal support level 81.10 (which has been reversing the price from April), lower daily Bollinger Band and the 50% Fibonacci correction of the previous long-term upward impulse from last October.
The upward reversal from this support area continues the active short-term impulse wave 1 from the middle of August.
Cotton is expected to rise further and retest the next resistance 84.00 (top of the previous impulse wave (i) from last month).