Cotton (CT) Bottoming on Daily/Weekly ChartIn the first few hours following NFP on Friday, CT showed some hesitation before finally seeing an upside spike right in the closing hour, breaking it above downchannel resistance on the 4hr chart. In the daily chart, the symmetrical triangle CT finds itself in is edging closer towards resolution. Given that CT's RSI, Stochastics and MACD on the daily and 4hr charts are all sloping up, the symmetrical triangle will likely resolve to the upside. Just above the symmetrical triangle resistance is a horizontal resistance line I`ve drawn which served as a pivot a number of times over the last three months. Once broken, the next key upside target will likely be at roughly the 66.5 horizontal resistance and followed by another horizontal resistance line drawn near 68.
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