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Cotton Wave Analysis – 07 March, 2019

  • Cotton reversed from resistance area
  • Further losses are likely

Cotton recently reversed down from the resistance area lying between the key resistance level 75.30 (former multi-month support from September) and the 50% Fibonacci correction of the previous downward impulse from December.

The aforementioned resistance area was further strengthened by the upper daily Bollinger Band and by the 100-day moving average.

Cotton is expected to fall further and re-test the next round support level 70.00 (monthly low from January and February).

1551976744COTUSD

Source: FxPro


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