ICE Cotton has been up for four days in a row, gaining 31 cents to reach $81.

After closing the previous trading day at $80.69, the Cotton future is up to $81 per pound, which makes for a move of 0.4%/31 cents today.

Cotton's lower Bollinger Band® is at $79.74, indicating that the market is oversold and fertile for new buyers.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts the Cotton future to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the Cotton future is expected to pick up significant bullish sentiment 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 -1.67 million, having previously been at -4.58 million. The figure will be published tomorrow at 14:30 UTC.

Furthermore, the market is looking at tomorrow at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of -0.1%.

Furthermore, the market is looking at United States Building Permits is scheduled for today at 13:30 UTC.

The commodity has been trending lower for about 4 months. 11 months ago the Cotton future reached a significant high of $154.89 but has consequently lost 47.9% since then.