Cotton today reversed down from the resistance area located between the resistance level 64.60 (which reversed the price in July), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse from April.
The downward reversal from this resistance zone stopped the earlier short-term impulse wave C of the ABC correction (2) from August.
Given the clear bearish divergence on the daily Stochastic indicator – Cotton is expected to fall further and retest the next support level 62.70.
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