Cotton Daily Price levels

…here I offer a closer look to the “previous price levels analysis” on a cotton market. This is very useful tool to implement in your trades, because price often tends to reach previously achieved levels. As we can see, on the 15th of March 2012 it started a rally which was sharply upward to the 94.19 level which came from a history (I dont remember when exactly… its actually not so important. Important is that this level was reached as a major swing on a daily-based chart). I personally look for the 99.31 level, then 100.27 and then 104.88 – its a long way, but who laughs last, laughs best.

You can also imagine these yellow lines as 0% or 100% Fibo trend levels, because yes, these lines were drawn at the beginings or ends of local trends which would be used for a fibo analysis.