Hi Traders! We have Cotton sell opportunity forming at the moment. In the below video you will find a detailed analysis of this sell setup:
Cotton Weekly Chart:
On the weekly chart, currently it looks like the price is creating a potential special cycle. We also have a good supportive level which is slightly below the current zone. Hence there is a good chance that the price might create a pullback and then further continuation to the downside.
Cotton Daily Chart:
On the daily chart we have a bearish momentum and currently it looks like a correction is happening. Once this correction completes itself, we may then expect the price to move lower further. The price has also created a bearish hidden divergence which turned into continuing divergence which we may consider as an evidence of bearish pressure.
Cotton H4 Chart:
On the H4 chart the price has created double top, then it moved lower and broke below the uptrend line. If you want to be aggressive then until the high shown in the screenshot holds, we may look for pullbacks to happen, once the pullback completes itself, we may then start looking for sells with bearish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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