Cotton (NYSE: BAL):
4 May 2017, Thursday, 3.58pm Singapore Time
(Click on Chart above to Enlarge)
Attached is the technicals for the commodity of COTTON using iPath Bloomberg Cotton Subindex.
In the commodity market of cotton, the selling dried up in early 2016 and the buyers took control from 2016 onwards. Cotton continues to be a buyers' market. The critical light blue classical resistance has now been turned into critical support. Green circled region is the confirmation of change of Long-Term Trend from Bearishness to Bullishness. The launches of the attack-ups are illustrated in purple. Light orange cup-and-handle resistance is expected to break up so that cotton hits multi-year new highs. The iPath Bloomberg Cotton Subindex ETF (NYSE: BAL) is expected to break up $60 in this run-up.
In the commodity market of cotton, the selling dried up in early 2016 and the buyers took control from 2016 onwards. Cotton continues to be a buyers' market. The critical light blue classical resistance has now been turned into critical support. Green circled region is the confirmation of change of Long-Term Trend from Bearishness to Bullishness. The launches of the attack-ups are illustrated in purple. Light orange cup-and-handle resistance is expected to break up so that cotton hits multi-year new highs. The iPath Bloomberg Cotton Subindex ETF (NYSE: BAL) is expected to break up $60 in this run-up.
Bullish Bias
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