Cotton Remains Close to Key Support
20 October 2011
WEEKLY CHART -CONTINUATION
The drop back from the Mar peak found support from the 91.38 Mar-08 high area. If this failed then focus would turn to the 81.60 76.4% retracement.
DAILY CHART -Dec-11:
The first recovery from the 76.4% pullback area on the Daily chart met with clear resistance from the rising old support/return line.
Subsequent pullback has found further support from the 76.4% level, which is a good place for any bulls to re-launch a campaign and challenge the 115.00 area again.
However, failure of support should see a continuation of the recent drop back below the 93.20 Jul low, opening up the lower support on the Weekly chart.
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