Bearish Pressure Builds on Cotton: Strategic Levels to Follow
Cotton price is trading in a descending channel, signaling continued bearish momentum. A potential breakout below minor support suggests further downside ahead.
Analysis:
Current Price Action: Cotton is at 66.62, near minor support, with a potential break signaling further bearish continuation.
Key Levels: Resistance at 67.80–68.00; major support around 62.00 at the channel's lower boundary.
Projection: Sellers could push prices to 61.99, while a retest of 68.00 may confirm the bearish setup if rejected.
Trend Outlook: The downtrend remains unless prices break above the channel resistance.
Keep an eye on the evolving trade scenario.
Analysis:
Current Price Action: Cotton is at 66.62, near minor support, with a potential break signaling further bearish continuation.
Key Levels: Resistance at 67.80–68.00; major support around 62.00 at the channel's lower boundary.
Projection: Sellers could push prices to 61.99, while a retest of 68.00 may confirm the bearish setup if rejected.
Trend Outlook: The downtrend remains unless prices break above the channel resistance.
Keep an eye on the evolving trade scenario.
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