Cotton went up 15 cents, closing at $85.05 and building up on its five days of gains

Friday at a glance: the Cotton future went up to $85.05 per pound Friday after ending Thursday at $84.9. Overall, a 0.18% move or 15 cents.

ICE Cotton's notable support and resistance levels: Cotton could be slowing down soon as it approaches resistance at $86.22. Of course, crossing it might suggest further gains are ahead. Trend and momentum analysis indicates that Cotton made an initial breakout above its 50 day Simple Moving Average at $84.56, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $83.44 by around $1.61 with prices hammering out a $81.55 – $85.05 session range. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $87.4, thereby suggesting that ICE Cotton is becoming overvalued.

Overall, while Cotton has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

Friday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.2%; data will be released tomorrow at 13:30 UTC.

Furthermore, the market is looking at projections for United States Pending Home Sales are set for a continuation of decline with 1% while previous data was 2.5%; data will be released tomorrow at 15:00 UTC.

Trading mostly sideways for 2 months. Cotton reached a significant high of $154.89 around 9 months ago but has lost 45.19% since then.