Cotton Wave Analysis – 15 September, 2020
September 15, 2020 @ 17:14 +03:00
• Cotton reversed from resistance level 66.35
• Likely to fall to 64.00
Cotton recently reversed down from the resistance level 66.35 (top of the two daily consecutive Shooting Stars from August) – standing near the upper daily Bollinger Band.
The downward reversal from the resistance level 66.35 stopped the previous sharp upward impulse wave (iii).
Given the clear bearish divergence on the daily Stochastic indicator – Cotton is likely to fall further toward the next support level 64.00 (which intersects with the support trendline of the daily up channel from March).