Cotton is down to $83.66 per pound, after ending Friday at $84.17. Overall, a 0.61% loss or 51 cents today.
Cotton's upper Bollinger Band® is at $86.58 which indicates a further downward move may follow. In contrast, a "hammer” chart pattern. When appearing during a bearish trend, as it is now, it is typically considered to be an indication of a trend reversal.
In the short term, Cotton is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other Softs as Coffee is down to $177.75, losing $3.05, after closing at $180.8 in the preceding trading session. Sugar is trading around $20.71 (down 21 cents).
Though Cotton has been dropping, other Softs have been performing better: having closed the previous session at $2,730, Cocoa is up 0.99% today to currently trade at around $2,757.
Furthermore, United States Fed Chair Powell testimony is scheduled tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.
Trading mostly sideways for 2 months. Having soared to a high of $154.89 approximately 10 months ago, ICE Cotton is now trading 45.66% lower.