Cotton Wave Analysis – 09 May, 2019
May 09, 2019 @ 18:37 +03:00
- Cotton falling inside medium-term wave (2)
- Further losses are likely
Cotton continues to fall inside the medium-term wave (2) – which started earlier from the resistance area lying between the resistance level 79.00 and the upper weekly Bollinger Band.
The price is currently approaching the key support level 69.40 – which reversed the price earlier this year.
Cotton is expected to break below 69.40 – with the next support level 66.50 as the likely downward target. Alternatively, the price will correct up to the nearby resistance level 72.00.