- Cotton broke resistance area
- Likely to rise to 72.00
Cotton recently broke the resistance area lying at the intersection of the strong round resistance level 70.00 (monthly high from June) and the resistance trendline of the daily up channel from August.
The breakout of this up channel coincided with the breakout of the 61.8% Fibonacci correction of the previous weekly downward impulse wave (5) from last April.
Cotton is likely to rise further toward the next resistance level 72.00 (likely price for the completion of the active impulse wave 3).