ICE Cotton drops from $86.93 to $84.21 per pound, losing $2.72 (3.13%) today.
Cotton made an initial break below its 3 day Simple Moving Average at $85.33, a possible indication of a forthcoming negative trend. Cotton's upper Bollinger Band® is at $87.97 which indicates a further downward move may follow. On the other hand, note that although Cotton is pointing down today (was as low as $84.85), it's climbing away from the $84.28 support line and is now 7 cents above it.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for the Cotton future.
Taking a look at other Softs commodities, negative performances are evident as Coffee is down to $165.65, losing $10.1, after closing at $175.75 in the preceding trading session.
Positive performances can be seen by looking at other Softs markets as Cocoa soars 3.12% to trade around $2,510. Sugar gained 0.43% and is currently trading at $18.79.
Furthermore, United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.
Having set a significant high of $154.89 7 days ago, the Cotton future is trading 20.74% lower.