Categories: Technical analysis

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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The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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The FxPro Tech Analysis Team
Tags: COTUSD

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