December 22, 2020 at 03:30PM

• Cotton reversed from resistance area

• Likely to fall to 73.40

Cotton recently reversed down sharply from the resistance area lying between the resistance trendline of the daily up channel from March and the upper daily Bollinger Band.

The downward reversal from this resistance area created the daily Japanese candlesticks pattern Evening Star Doji.

Cotton is expected fall further toward the next support level 73.40 (former monthly high from November and the target price for the completion of the active wave (ii)).

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From: The FxPro Tech Analysis Team
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