Type: Bullish BounceKey Levels:Resistance: 119.07Pivot: 116.76Support: 116.07Preferred Case:Prices are on bullish momentum and abiding to our ascending trendline support. We see the potential for a bounce from our Pivot at 116.76 in line 61.8% Fibonacci retracement towards our 1st resistance at 119.07 in line which is an area of Fibonacci confluences. Our bullish bias is further supported by RSI being on bullish momentum.Alternative Scenario:If prices were to reverse, they can potentially climb towards our 1st support at 116.07 which is in line with 78.6% Fibonacci projection.Fundamentals: No major news.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/cotton-futures-ct-h4-potential-for-bullish-bounce"
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