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Published on 9/08/2020 11:41:01 AM | Source: Kedia Advisory

Cotton prices on the weekly chart are trading within a range since March 2020, Fibo level of 17000 acts as important resistance - Kedia Advisory

Posted in Commodities Reports| #Commodity Tips #Kedia Advisory

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Cotton

Cotton prices on the weekly chart are trading within a range since March 2020, Fibo level of 17000 acts as important resistance. If prices manage to break and stay above this level its next important resistance will be its 200 DMA levels i.e 18400-18800 range. RSI is on a positive trend and cotton is expected to see perfect rally once it breaks 52 levels on the other hand Choppiness indicator is ready to face down which suggests high volatility for next month. Vortex Indicator is also suggesting a positive trend ahead.

 

Cottonseed

Cottonseed Oil Cake on a weekly chart is in bullish wedge pattern since 2019. Prices are near its 200 DMA level which acts as important resistance for its prices. Ichimoku indicator suggests a bearish trend in the coming period. RSI and Vortex Indicator are suggesting weakness in prices in coming days on the other hand choppiness indicator suggests volatility in coming days.

 

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