Technical Analysis of Cotton: 08 April 2017
Analysis done based on data till 08 April 2017
I should have paid heed to the indicators which were hinting at
a correction.
Throughout last week, bears sold on high volume - now Cotton
needs to find support.
There are 2 support zones:
A trend-line support just above 73
SMA 200 ~72
These might offer some "temporary" respite.
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.
No comments:
Post a Comment