Cotton has been falling for the past few months. Signs of consolidation and lost of steam has begun. Before we go into the charts, a brief summary of what we see empirically - Prices tend to bottom out around August. Immediate low presents a strong support due to historical hits and fib hits.
RSI and MACD has indicated buy signals. Confirmation upon;
1. Positive engulfing, breaking up from the consolidation (0.695).
Trade details
SL: yellow region below current price indicates strong resistance;
Partial profit: short term at boarder of green rectangle. Fib retracement levels coinciding with previous lows
Duration: 3 months at least
Best Trades^^
RSI and MACD has indicated buy signals. Confirmation upon;
1. Positive engulfing, breaking up from the consolidation (0.695).
Trade details
SL: yellow region below current price indicates strong resistance;
Partial profit: short term at boarder of green rectangle. Fib retracement levels coinciding with previous lows
Duration: 3 months at least
Best Trades^^
Comment:
To enter again for the brave, 0.684
Comment:
Time to end it, 0.7782. Close