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February 09, 2021 @ 18:52 +03:00
• Cotton under bullish pressure
• Likely to test resistance level 90.00
Cotton under bullish pressure today after breaking through the resistance level 85.00 (which managed to reverse the price twice earlier this month).
The breakout of the resistance level 85.00 coincided with the breakout of the short-term up channel from December – which should add to the bullish pressure on Cotton.
Cotton is likely to extend the gains toward the next resistance level 90.00 – which is the likely price for the completion of the higher-order impulse waves 5 and (3).