Trading Idea - Cotton, 05-03-2021 | IFCM
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Trading Idea - Cotton, 05-03-2021

Trading Idea - Cotton, 05-03-2021

Trading Signal: #C-COTTON

OrderSell
DirectionBearish
PatternSupport Line Breach
IntervalDaily
Length (Candles)35

Idea Summary


#C-COTTON forecast is bearish. The technical analysis of the #C-COTTON chart in daily timeframe reveals the price is retracing down toward the Fibonacci support level 23.6. On its way to Fibonacci 23.6 level the pair has to breach the support line in green. In case the pair breaches the Fibonacci 23.6 support level afterward the bearish momentum will continue. It is more likely that #C-COTTON will bounce off the Fibonacci 23.6 and reverse up.

Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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