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Cotton Wave Analysis – 05 April, 2019

  • 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).

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Source: FxPro


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