Analysis done based on data till 23 June 2017
This week there was a discrepancy between http://stockcharts.com Cotton charts and https://www.investing.com/commodities/us-cotton-no.2-candlestick.
However, as I have been using stockcharts.com Cotton charts, I will continue with that.
It seems Cotton's bull-run from Feb '16 low of 54+ to Peak of 87 on 15 May '17 is over . . .
Cotton just got some form of support at 66+ - which is also 62% Fibo of the above run.
The expected technical bounce did not happen this week . . .
However, indicators are hinting at a pause of this fall:
- RSI oversold
- Slow Stochastic forming a double bottom
- MACD has taken a beating
Will bears pounce on the bounce?
We might know in a couple of weeks . . .
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