COTTON, Double Bearish Flag + Evening Star Confirmation
Cotton has been on a bearish run since the end of April 19. The bears' domination is set to continue, as seen by the Double Bear Flag patterns recently established.
I'm currently short on the trade as I feel that the current Bear Flag action has come to an end. This is supported by prices breaching support levels and the formation of an Evening Star Pattern at the end of the flag. Additionally, recent bullish USD performance has exerted weaker buying pressure of commodities across the board, leading to stronger probability of a downtrend continuation.
I'm currently short on the trade as I feel that the current Bear Flag action has come to an end. This is supported by prices breaching support levels and the formation of an Evening Star Pattern at the end of the flag. Additionally, recent bullish USD performance has exerted weaker buying pressure of commodities across the board, leading to stronger probability of a downtrend continuation.
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