Cotton Nears Long Term 76.4% Support
06 January 2012
WEEKLY CHART - CONTINUATION
Support from the 91.38 Mar-08 high area has been eroded, and we now await better reaction around the 81.60 76.4% retracement.
Currently, first interesting resistance on this long term chart comes in around 118.00.
DAILY CHART - Mar-12:
Weakness on the Daily chart has so far stopped short of the 81.20 Nov-10 low. Currently interest is as much in the long term chart and potential support from the 76.4% level.
Here, first resistance has been offered by the base of Oct/Nov congestion at 95.00. More key, though, is the area of the 103.55 38.2% recovery level and channel top projection at 105.90 - a breach of this would be a clear bull sign.
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