After three days of going down, Cotton is stable today, trading around $81.84

Cotton trades at $81.84 per pound, after ending yesterday at $81.72.

United States GDP is next.

The Cotton future's state is reflected by market data as Crude Oil Inventories in United States fell short of market expectations (-920,000) with a reading of -12.46 million, continuing the decline from the previous figure of 5 million. United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.749, while the previous figure was 3.5. United States Cushing Crude Oil Inventories came out at 1.76 million, while a consensus of analysts was expecting 804,000.

With regards to technical trend indicators, chart analysis show that the MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Asset volatility analysis shows that the Cotton future's upper Bollinger Band® is at $87.86 and the lower is $78.11.

The current technical outlook indicates the Cotton future will continue to ebb sideways within tight ranges for the immediate future.

Meanwhile, mixed performances are seen in other Softs as Sugar is down 33 cents from the beginning of the session and now trades around $25.48.

Moreover, United States Pending Home Sales is projected to outperform its last figure with 0.5%. It previously stood at -5.2%; data will be released today at 14:00 UTC. United States Core Durable Goods Orders projected to decline to 0% while previous data was 0.2%; data will be released tomorrow at 12:30 UTC. United States GDP expected to decline to 1.1 while its preceding data was 2.6, data will be available today at 12:30 UTC.

Trading mostly sideways for 2 months. Approximately 11 months ago, Cotton reached a significant high of $146.62 but has struggled to hold onto its gains and declined 44.26% since then.