• Cotton broke key resistance area
• Likely to rise to resistance level 100,00
Cotton continues to rise strongly after the price broke through the key resistance area located between the major resistance level 95,00 (previous multi-month high from February) and the upper resistance trendline of the daily up channel from the middle of May. The breakout of this resistance area accelerated the active intermediate impulse wave (5).
Given the strength of the active uptrend that can be seen on the daily charts – Cotton can be expected to rise further toward the next round resistance level 100,00 (target price for the completion of the active impulse wave (5)).