Is it the end of the Cotton future's rally? After 10 days of gains, it is down by 0.72% today

After ending Friday at $83.9, today Cotton went up to $84.87 before paring back gains and settling around $83.3 per pound.

Cotton's upper Bollinger Band® is at $85.17 which indicates a further downward move may follow. Despite this, after reaching the $83.05 support zone, ICE Cotton bounced and climbed 25 cents above it.

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 Cotton is expected to attract significant bearish sentiment in the coming days.

Taking a look at other Softs commodities, negative performances are evident as Coffee closed at $183.85 (down 2.23%). Sugar is trading around $26.15 (down 17 cents).

Positive performances can be seen by looking at other Softs markets as Cocoa is up 0.92%.

Furthermore, United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 16:00 UTC.

Trading mostly sideways for 4 months. The Cotton future is now trading 44.31% below the significant high of $150.65 it set around 11 months ago.