Is the bullish run coming to an end? Cotton down to $82.37 (-0.65%)

During a 7 day uptrend, the Cotton future gained a total of $2.06, or 1.88%. Bucking the trend and turning lower, Cotton is down to $82.37 per pound, after ending yesterday at $82.91. Overall, a 0.65% loss or 54 cents today.

Nonetheless, encouraging indicators for Cotton published earlier when United States Crude Oil Inventories beat analyst expectations of -583,000 and the previous reading of -3.74 million with new data of 597,000.

Meanwhile, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.

Cotton's upper Bollinger Band® is at $85.2 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 the Cotton future is expected to attract significant bearish sentiment in the coming days.

Taking a look at other Softs commodities, negative performances are evident as Sugar stumbles 1.48% to trade around $23.33. After ending yesterday's session at $2,903, Cocoa lost $36 and is trading around $2,867.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Retail Sales projected to decline to -0.3% while previous data was -0.1%; data will be released tomorrow at 12:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 232,000 while previous data was 228,000; data will be released today at 12:30 UTC.

Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC.

Trading mostly sideways for 3 months. The Cotton future is now trading 46.47% below the significant high of $154.89 it set around 11 months ago.