Technical analysis

Cotton Wave Analysis (03.12)

Cotton Wave Analysis (03.12)
  • Cotton broke round resistance level 80.00
  • Further gains are likely

Cotton recently broke through the round resistance level 80.00 (top of waves (a) and 4; which has been steadily reversing the price from the end of September).

The breakout of the support level 80.00 coincided with the breakout of the 100-day moving average and the 38.2% Fibonacci correction level of the previous extended downward impulse wave (C) from June.

Cotton is expected to rise further and re-test the next resistance level 84.00 (which reversed the price multiple times in August and September).

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