- Cotton reversed from support zone
- Further gains are likely
Cotton recently reversed up from the support zone lying between the long-term support level 56.70 (which has been reversing the price from the start of 2015) and the lower weekly Bollinger Band.
The upward reversal from this support zone started the active short-term corrective wave 2.
Cotton is expected to rise further and retest the next resistance level 64.23 (target price for the completion of the active wave 2). Strong support remains at the support level 56.70.