- Cotton broke key resistance level 74.8
- Further gains are likely
Cotton recently broke the key resistance level 74.8 (which has been reversing the price from the middle of February) – intersecting with the resistance trendline from July.
The breakout of the resistance level 74.8 accelerated the active short-term impulse wave c of the ABC correction 2 from the middle of February.
Cotton is expected to rise further and re-test the next resistance level 78.00 (target price for the completion of the active impulse wave (c)).