Cotton Futures ( CT1! ), H4 Potential for Bullish Rise
Title: Cotton Futures ( CT1! ), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 87.97
Pivot: 82.36
Support: 80.37
Preferred case: Looking at the H4 chart, my overall bias for CL1! is bullish due to the current price crossing above the Ichimoku cloud , indicating a bullish market. If this bullish momentum continues, expect price to continue heading towards the resistance at 87.97, where the recent high is.
Alternative scenario: Price may head back down to retest the pivot at 82.36, where the 23.6% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bullish Rise
Resistance: 87.97
Pivot: 82.36
Support: 80.37
Preferred case: Looking at the H4 chart, my overall bias for CL1! is bullish due to the current price crossing above the Ichimoku cloud , indicating a bullish market. If this bullish momentum continues, expect price to continue heading towards the resistance at 87.97, where the recent high is.
Alternative scenario: Price may head back down to retest the pivot at 82.36, where the 23.6% Fibonacci line is.
Fundamentals: There are no major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results