Bearish ICE Cotton currently $1.05 lower after trading as high as $79.87

Cotton is down to $78.06 per pound, after ending yesterday at $79.11. Overall, a 1.33% loss or $1.05 today.

The Cotton future is currently trading at $78.06 following the release of Building Permits (Feb) data from the United States.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. ICE Cotton has just crossed the lower Bollinger Band® at $78.55, indicating further losses could be forthcoming.

Overall, looking at the technical analysis landscape, it seems the Cotton future is likely to continue pointing down in the short term.

Though Cotton has been dropping, other Softs have been performing better: Coffee gained 3.91% and is now trading at $179.35. Cocoa increases 1.95% to trade around $2,667.

The commodity has been trending lower for about 2 months. The Cotton future reached a significant high of $154.89 around 10 months ago but has lost 48.93% since then.