Cotton Weekly Forecast August 17 - 21

Weekly Forecast (August 17 - 21)

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 63.15, which will be followed by moving up to resistance level 65.05.
Downtrend scenario
The downtrend may be expected to continue, while the market is trading below resistance level 61.3, which will be followed by reaching support level 59.6 - 58.5.

(Click on image to enlarge)

Previous week forecast chart

(Click on image to enlarge)

Long-Term Forecast (Quarter III: July - September 2020)

Uptrend scenario
An uptrend will start as soon, as the market rises above resistance level 67, which will be followed by moving up to resistance level 78.5 and if it keeps on moving up above that level, we may expect the market to reach resistance level 94.
Downtrend scenario
A downtrend will start as soon, as the market drops below support level 57.1, which will be followed by moving down to support level 50.

(Click on image to enlarge)

Fundamental Analysis

The difference between supply and demand do not show market imbalance and determine the fair price at the level of $62.
Further price fluctuation will be determining by price technical analysis.

(Click on image to enlarge)

chart: cotton futures market ending stocks, inventory