18th Oct - Cotton Recovery Attacks 38.2% Resistance Again
18 October 2012
MONTHLY CHART - CONTINUATION
The earlier drop back in prices brought the chart back within the range of the previous decade.
Note first interesting resistance here doesn’t come until the current 23.6% rebound level just above 104.00.
DAILY CHART – Dec-12:
Note how effective the resistance at the 38.2% level was in Aug/Sep.
Latest recovery sees a better break of the bear channel top and a fresh challenge of this 38.2%. A break through here would be bullish and likely at least see a test of resistance from the 83.25 Dec-11 low. Note also a Fibo projection at 88.37, as well as the higher Fibo retracements.
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12th October - Consensus or confusion in Bonds?