July 2, 2014
Cotton has been falling sharply in the last trading sessions and recently reached the sell target at the major support level 0.7450 (which earlier stopped and reversed the strong downtrend in November of last year, as you can see from the daily Cotton chart below). The breakout of this support level accelerated the C-wave of the currently active ABC correction from March.
Cotton is expected to fall further inside this C-wave to the next sell target at the round support level 0.7000. Sell stop-loss can be placed above the broken support level 0.7450.
The post HY MARKETS News: Commodities Report: Cotton appeared first on | HY Markets Official blog.
