Winter coming, put on some Cotton , would you ?
Updated
1. price must stay along the pink bullish trend line
2. price must breakout of bearish channel (red trend line) and closed
above 66.04
3. price may hit 68 , then pull back though not necessarily (this is the 50% FIB level)
if it does, it presents a 2nd buy opportunity before going higher towards price at 71.61
(61.8 FIB level)
2. price must breakout of bearish channel (red trend line) and closed
above 66.04
3. price may hit 68 , then pull back though not necessarily (this is the 50% FIB level)
if it does, it presents a 2nd buy opportunity before going higher towards price at 71.61
(61.8 FIB level)
Note
price touch the resistance level at 66.04 and retraced. Let's see this week how it turns out.Note
Sadly, it went the opposite direction. Buying ceased as it breaks down from the bullish trend line. We will wait for tomorrow closing to determine if this is a false breakout or genuine one.Note
The Market is ever changing and as traders, we need to remain flexible and act according to it. Price has now aggressively return back to the bullish trend line and also touching the upper channel of the bearish trend line. So, it is at crossroads, we shall wait next week to see if it breaks out or down before deciding .
Note
Now, it has closed above the bearish trend line, we await to see if this is a false breakout with a retracement above this line. If it is, we can take a buy.Note
It is now facing the resistance level of 66.04, wait for it to break above and close above this level before buying.Note
Praise the Lord, what a confident bullish engulfing candle that is! We are taking a small positionNote
Praise Lord. Take profitsNote
Praise Lord. Among all the soft commodities, this is one that rides smoothly upwards with few pullbacks. Take some partial profits as it is fast approaching the 71.61 level. Congrats to those who followedNote
Praise the Lord
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