Cotton Weekly Forecast, August 24 - 28

Weekly Forecast
(August 24 - 28, 2020)

Uptrend scenario
The uptrend may be expected to continue, while the cotton market is trading above support level 64.15, which will be followed by reaching resistance level 67.
Downtrend scenario
A downtrend will start as soon, as the cotton market drops below support level 64.15, which will be followed by moving down to support level 61.60 and if it keeps on moving down below that level, we may expect the cotton market to reach support level 59.60 - 58.55.

Previous week cotton price forecast chart

Quarterly Forecast
(Quarter III: July - September, 2020)

Uptrend scenario
An uptrend will start as soon, as the cotton 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 cotton market to reach resistance level 94.
Downtrend scenario
A downtrend will start as soon, as the cotton market drops below support level 57.1, which will be followed by moving down to support level 50.

Fundamental analysis

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