June 25, 2014
Cotton recently fell sharply – breaking below the sell target 0.8600 that was set in our earlier report for this instrument. The breakout of this sell target coincided with the breakout of the recent daily up channel which has enclosed the minor ABC correction from the end of May.
This up channel breakout accelerated the currently active minor impulse 3 – helping Cotton break below the next strong support level 0.8400 – which also added to the bearish momentum.Cotton is set to fall further to the next sell target at 0.7450 (monthly low from last November).
The post HY MARKETS News: Commodities Report:Cotton appeared first on | HY Markets Official blog.
