- Cotton broke resistance area
- Further gains are likely
Cotton recently broke through the resistance area lying at the intersection of the key resistance level 77.30 (which reversed the price in March) and the 61.8% Fibonacci correction of the previous downward impulse from December.
The breakout of this resistance area accelerated the active short-term impulse wave 3.
Cotton is expected to rise further and re-test the next resistance level 81.00 (monthly high from December and the target price for the completion of the active impulse wave 3).