Cotton ends the trading week at 75.11 and continues to move in the bearish channel. Moving averages indicate a downward trend. At the moment, we should expect an attempt to grow and test the upper boundary of the channel near the level of 78.00. Where can we expect a rebound again and an attempt to continue the fall of the Cotton rate with a potential target below the level of 65.00.
Cotton forecast for the week December 24 — 28, 2018
In favor of reducing Cotton quotes in the current trading week December 24 — 28, 2018, a test of a broken trend line on the relative strength index (RSI) will be made. Cancellation of the fall of Cotton will be a strong growth and a breakdown of the 80.00 area. This will indicate a breakdown of the upper limit of the downward channel and continued growth of Cotton with a potential target above the level of 90.00. Confirmation of the downward trend will be the breakdown of the support area and closing of quotes below 73.00.
Cotton forecast for the week December 24 — 28, 2018 involves an attempt to test the resistance area near the level of 78.00. Then the continuation of the fall of the tool in the area below 65.00. An additional signal in favor of reducing the rate of Cotton will be the test of the resistance line on the indicator of relative strength index (RSI). Cancellation option for the fall of Cotton will make a strong growth and the breakdown of the area of 80.00. In this case, we should expect continued growth.
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