The Commodity Specialist view – The powerful upmove in Cotton #2 hit a temporary high in March, coinciding with Fibonacci projections. After a period of consolidation attention is on a key support area, below which a pullback phase should be initiated.
- COTTON #2 – MONTHLY CONTINUATION CHART:
In the Commodity Specialist Guide we have marked in two higher projections at 261.00/268.00. Developments on the Daily chart could at least postpone any test of these. - COTTON #2 – DAILY CHART JUL-11:
The strong upmove halted at two Fibo projections (including the 2.618 swing off prior Nov-10 pullback, at 209.60).
Bull channel base support near 180.00 is now under test – this, and the lower 38.2% retracement at 168.72, offers key support.
Breaks of these would invite a more prolonged pullback phase.
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