Cotton major trend turned bleak after prices broke the major support of $105 levels - Geojit Financial
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Cotton
ICE Cotton
Technical View
Major trend turned bleak after prices broke the major support of $105 levels. Prices has to clear another support of $90 major selloffs to continue further towards $88.36 followed by $83 or even lower to $77 levels. Moreover, weekly RSI is also supporting the weakness. On the other hand, short covering rallies towards $105-$110 cannot be ruled out before resuming next wave of selloffs.
MCX July Cotton
Technical view
Though major trend remain positive, profit booking is more likely to continue as long as 45000 levels caps upside moves. As long as prices stays below the same could see correction towards 40000/39200/38300 levels. Moreover, weekly RSI (14) is treading lower suggesting weakness in the near term. On the other side, mild covering rallies cannot be ruled out.
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