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TFC Commodity Trading Forum

March Cotton/ Bounces Back/Sells Off *PIC*

March Cotton bounced back off of 1st support of 141 and rallied back close to 150 and sold off again with a close below 141 support. Price should likely sell off to 135 support next with this reversal from the Island Reversal pattern at its highs. Major support in this uptrend is at 125 price support which is also the Fib 38.2% retracement point. Only a breakdown below this level will break the uptrend and suggest its bull run is over. This would have price well below the 50ema and have the 20ema cross below the 50ema and the momentum indicators turn bearish as well. So far not a lot of technical damage has been done and the overall uptrend is still intact.