Get started
COTTON NO 2 CFD
Long
Updated

COTTON at Key Support - Potential Buy Opportunity

COTTON has reached a critical support zone, aligning with previous price rejections and marking an area where buyers have historically regained control, leading to bullish reversals.

The current market structure indicates a potential bullish reaction if the price confirms a rejection from this zone. A likely scenario could involve the formation of a bullish rejection pattern, such as a pin bar or a bullish engulfing candle, signaling a shift in market momentum.

If buyers reclaim control at this level, I anticipate an upward move toward the 6,827.0 level, which is a logical profit target for the current market structure.

If you agree with this analysis or have additional insights, feel free to share your thoughts in the comments!
Trade active
DanieIM
buysellsignalCottondailyanalysisdailyforecastsmart_money_conceptsSMCsmctradingsupply_and_demandSupply and Demandsupport_and_resistanceSupport and ResistanceTrend Analysis
DanieIM

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.