Bearish the Cotton future currently 43 cents lower after trading as high as $83.24

Trading lower, the Cotton future is currently down 43 cents as it ranges between $82.3 and $83.24 so far today.

United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.

Technical chart analysis shows Cotton could begin to recover as it approaches significant support, now 7 cents away from $82.23. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that despite being in the red so far in the current trading session, ICE Cotton peaked above its 21 day Simple Moving Average around $82.75 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that ICE Cotton's upper Bollinger Band® is at $85.52 which indicates a further downward move may follow.

Notwithstanding the Cotton future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Though the Cotton future has been dropping, other Softs have been performing better: Coffee is up 1.66% to $183.7. Sugar goes up 0.74% to trade around $23.24. Cocoa gained 0.49% and is currently trading at $2,875.

Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.3 million. It previously stood at -3.74 million; data will be released tomorrow at 14:30 UTC.

Furthermore, United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC.

Trading mostly sideways for 3 months. Cotton has fallen back around 46.59% over the past 11 months, from a notable high of $154.89.