• Cotton reversed from pivotal support level 77.50
• Likely to reach resistance level 82.50
Cotton recently reversed up from the pivotal support level 77.50 (former resistance from December), standing close to the lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse form October.
The upward reversal from the support level 77.50 created the daily Japanese candlesticks reversal pattern Bullish Engulfing.
Cotton is likely to rise further in the active impulse wave (c) toward the next resistance level 82.50 (former strong support from March).