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June 24, 2023Yesterday at a glance: the Cotton future slides down 0.55% to close at $79.39 per pound yesterday.
Meanwhile, United States Services PMI released yesterday at 13:45 UTC with a figure of 54.1, while the previous figure was 54.9. Fresh CFTC Crude Oil speculative net positions data from United States came out at 166,500. United States CFTC Gold speculative net positions came out at 163,000.
Trend-focused traders would be interested to note that 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. Analysis based on the asset volatility indicates that Cotton's lower Bollinger Band® is at $79.54, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates ICE Cotton will remain range-bound for the immediate future.
Positive performances can be seen by looking at other Softs markets as Sugar goes up 0.45% yesterday and closed at $24.29.
Trading mostly sideways for 3 months. Cotton is trading 41.63% lower compared to the $136.32 high it reached over the past year.
