Technical analysis

Cotton Wave Analysis – 30 June, 20211

• Cotton reversed from resistance area

• Likely to fall to support level 84.00

Cotton recently reversed down from the resistance area lying between the key resistance level 87.45 (top of the previous impulse wave 1), upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward correction (2) from April.

The downward reversal from this resistance area stopped the previous short-term impulse wave (i).

Cotton can be expected to fall further toward the next support level 84.00 (low of the previous correction 2 and the target for the completion of the active wave (ii)).

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