(MENAFN - FxPro)
- Cotton reversed from resistance area
- Further losses are likely
Cotton recently reversed down from the resistance area lying between the key resistance level 69.40 (former monthly low from February) and the upper daily Bollinger Band.
The downward reversal from this resistance area completed the previous medium-term ABC correction (2) from the middle of May.
Cotton is expected to fall further and retest the next support level 64.40 (top of the previous impulse wave (1) from the middle of May).