ICE Cotton trades at $83.64 after better than expected United States Core Durable Goods Orders data

Cotton is down to $83.64 per pound, after ending Friday at $84.9. Overall, a 1.48% loss or $1.26 today.

• New United States Core Durable Goods Orders improved upon the previous -0.4% figure while also exceeding analyst expectations with a reading of 0.7%.
• Today's fall comes after a 6 day uptrend, during which Cotton added 2.39% to its value

United States Core Durable Goods Orders beat analyst expectations of 0.1% and the previous reading of -0.4% with new data of 0.7%. United States Core Durable Goods Orders published today at 13:30 UTC came out at -4.5%, falling short of the -4% projections and continuing its decline from the previous 5.1% figure.

A "hanging man” chart pattern. When appearing at the top of a bullish trend, it is typically considered to be an indication of a trend reversal. Cotton's upper Bollinger Band® is at $87.19 which indicates a further downward move may follow.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts ICE Cotton to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the ICE Cotton is expected to attract significant bearish sentiment in the coming days.

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 today at 15:00 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.

Cocoa is up 1.56%. Sugar rises 0.46% to trade around $19.76. Coffee is down to $186.35, losing $1.35, after closing at $187.7 in the preceding trading session.

The commodity has been trending lower for about 2 months. Approximately 9 months ago, ICE Cotton reached a significant high of $154.89 but has struggled to hold onto its gains and declined 45.19% since then.