Cotton Wave Analysis – 06 April, 2020

• Cotton reversed from support area
• Likely to rise to 56.70

Cotton recently reversed up sharply from the support area located between the round support level 50.00, support trendline of the weekly down channel from the start of 2019 and the lower weekly Bollinger Band.

The upward reversal from this support area created the weekly Japanese candlesticks reversal pattern Hammer.

Cotton is likely to rise further toward the next powerful resistance level 56.70 (former multi-month low from the middle of 2019).