Cotton recently reversed down from the resistance area lying between the key resistance level 75.30 (former multi-month support from September) and the 50% Fibonacci correction of the previous downward impulse from December.
The aforementioned resistance area was further strengthened by the upper daily Bollinger Band and by the 100-day moving average.
Cotton is expected to fall further and re-test the next round support level 70.00 (monthly low from January and February).
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