Cotton Bulls retaliating: Trial (Week 6)

Technical Analysis of Cotton: 15 April 2017

Analysis done based on data till 15 April 2017

Last week I assumed that there might be temporary support.

Cotton got support at 73.40 and moved up a bit. It seems some bulls retaliated.

However, there are quite a few Resistances overhead. Now two things might happen:

- Either Cotton could go up a bit – if the bulls can generate sufficient volume

- Or fall a bit

Let us see what happens – I think Bears are waiting for an opportune moment – a rise in price might encourage more supply. We will know in a fortnight.

It faced Resistance at 78 in Aug '16 and at 79 during 1st week of March '17.

78-79 will be Strong Resistances in future.

Hope to do next analysis in a week.