Categories: Technical analysis

Cotton Wave Analysis – 21 November , 2018

  • Cotton reversed from support area
  • Further gains are likely

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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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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Tags: COTUSD

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