Cotton's bullish trend remains on track as it ascends to $83

Having gone up $6.24 over the past 6 days, Consistent for now — after closing the previous trading day at $82.56, ICE Cotton is up to $83 per pound, which makes for a move of 0.53%/44 cents today.

Cotton's upper Bollinger Band® is at $85.8, this is a slight indication of a slowdown.

Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates the Cotton future is set for a reversal in the coming days.

Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -729,000. It previously stood at -9.60 million; data will be released tomorrow at 15:00 UTC.

Furthermore, the market is looking at United States Initial Jobless Claims projected to come out at 245,000 — worse than previous data of 239,000; data will be released tomorrow at 12:30 UTC.

The market is looking forward to the release of new data: United States ADP Nonfarm Employment Change (Jun) is scheduled for tomorrow at 12:15 UTC.

The commodity has been trending lower for about a month. Approximately 10 months ago, Cotton reached a significant high of $122.25 but has struggled to hold onto its gains and declined 32.47% since then.