ICE Cotton slides down from $85.64 to $85.38 per pound today, losing 26 cents (0.3%).
- Cotton is currently trading at $85.38 following the release of Consumer Price Index data from the United States.
- Today's down move comes after a 7 day uptrend, during which the Cotton future added 2.53% to its value.
Cotton made an initial break below its 10 day Simple Moving Average at $85.3, a possible indication of a forthcoming negative trend. The Cotton future's upper Bollinger Band® is at $87.66 which indicates a further downward move may follow. Despite this, the Cotton future could begin to recover as it approaches significant support, now 52 cents away from $84.86. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts the Cotton future to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Cotton is expected to attract significant bearish sentiment in the coming days.
United States Retail Sales is projected to outperform its last figure with 1.8%, having previously been at -1.1%. The figure will be published tomorrow at 13:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.8%. It previously stood at -1.1%; data will be released tomorrow at 13:30 UTC.
Sugar is down $1.37 from the beginning of the session and now trades around $19.83. Cocoa ascends 1.05% to trade around $2,685. Coffee climbs 1.1% to trade around $179.
Trading mostly sideways for a month. Cotton has fallen back around 44.71% over the past 9 months, from a notable high of $154.89.