Cotton broke resistance area
Further gains are likely
Cotton recently broke through the resistance area lying at the intersection of the key resistance level 77.30 (which reversed the price in March) and the 61.8% Fibonacci correction of the previous downward impulse from December.
The breakout of this resistance area accelerated the active short-term impulse wave 3.
Cotton is expected to rise further and re-test the next resistance level 81.00 (monthly high from December and the target price for the completion of the active impulse wave 3).