Cotton recently reached the resistance level 0.9400 that was mentioned in our previous report for this instrument. The price earlier corrected up from the round support level 0.9000 – after a few unsuccessful attempts to break down below the support area surrounding this price level.
The support zone around 0.9000 was strengthened by 50% and 61.8% Fibonacci Correction levels of the proceeding sharp intermediate (C)-wave from January as well as the lower daily Bollinger Band. Cotton is expected to rise further to the next buy target at 0.9600.
The post HY MARKETS News: Commodities Report: Cotton appeared first on | HY Markets Official blog.
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