Cotton (CT) Rejected @ Weekly Chart Upchannel Resistance
Cotton (CT) is trying to halt 3 straight down days going into today’s European morning. Significantly, CT has been rejected at the weekly chart upchannel resistance and the psychologically key .7 whole figure level, and just broke yesterday, upchannel support (on the daily chart). Odds are suddenly moderately high for a test of the weekly chart upchannel support in the next several weeks. Congratulations to readers who benefited from the increasing bullish momentum highlighted Aug 21st. The weekly RSI, Stochastics and MACD are tiring, weighing on the bottomish daily RSI and Stochastics. I am looking at entering short in the red zone (of the daily chart), targeting the green zone for Thursday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter)…Click here to read today’s technical analysis of Cocoa, VIX
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