Cotton today reversed up from the support area lying between the strong, multi-month support level 75.00 (which also stopped the price in February and September) and the lower daily Bollinger Band.
The upward reversal from this support area stopped the earlier short-term impulse wave 5 – which started earlier form the key resistance level 80.00.
Given the oversold reading on the daily Stochastic indicator, Cotton is expected to rise further and re-test the aforementioned resistance level 80.00. Strong support remains at the support level 75.00.
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