After three consecutive days of gains, Cotton is down 59 cents today

ICE Cotton is down to $85.07 per pound, after ending yesterday at $85.66. Overall, a 0.69% loss or 59 cents today.

New United States Initial Jobless Claims improved upon the previous 192,000 figure while also exceeding analyst expectations with a reading of 190,000.

On the flip side, positive data for Cotton released earlier when United States Initial Jobless Claims came out at 190,000, better than analyst estimates of 195,000 and improving upon the previous reading of 192,000. United States Crude Oil Inventories released yesterday at 15:30 UTC is better than expected at 1.17 million but down from preceding data of 7.65 million according to new data.

While price action maintains a negative bias, United States ISM Manufacturing PMI (Feb) came out at 47.7, while a consensus of analysts was expecting 48.

Cotton's upper Bollinger Band® is at $87 which indicates a further downward move may follow.

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.

Taking a look at other Softs commodities, negative performances are evident as Sugar closed at $20.27 (down 1.46%). Coffee is trading around $182.55 (down $2.75).

Furthermore, United States ISM Non-Manufacturing PMI (Feb) will be released tomorrow at 15:00 UTC.

Trading mostly sideways for 2 months. Over the past 9 months, the Cotton future has retreated 44.7% from a noteworthy peak of $154.89.