Is it the end of the Cotton future's rally? After five days of gains, it is down by 0.92% today

After closing at $81.31 yesterday, Cotton opened today at $81.31, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Cotton retains a distinct $80.22 to $82.33 daily range.

The Cotton future is currently trading at $80.56 following the release of JOLTs Job Openings (Mar) data from the United States.

Meanwhile, United States JOLTs Job Openings (Mar) released today at 14:00 UTC with a figure of 9.59 million, while the previous figure was 9.97 million. United States ISM Manufacturing PMI (Apr) came out at 47.1, while a consensus of analysts was expecting 46.8. United States Factory Orders released earlier showed a marked improvement to 0.9% from the preceding data of -1.1%, but fell short of the 1.1% figure forecast by a consensus of market analysts.

Despite being in the red so far in the current trading session, Cotton peaked above its 21 day Simple Moving Average around $81.83 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $78.25, a low enough level to, generally, suggest that the Cotton future is trading below its fair value. Cotton could begin to recover as it approaches significant support, now 33 cents away from $80.23. Dipping below could be an indication that further losses are ahead. In contrast, having stamped out a session range of $80.22 to $82.33, Fibonacci-inclined ICE Cotton traders were highly concentrated around active Fibonacci support at $81.11.

Despite suffering losses in today's session, technical analysis is indicating that ICE Cotton will undergo a significant bounce in the immediate term.

Taking a look at other Softs commodities, negative performances are evident as after ending yesterday's session at $2,932, Cocoa lost $42 and is trading around $2,890. Sugar is down 22 cents from the beginning of the session and now trades around $25.32.

Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC.

Furthermore, United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) will be released tomorrow at 12:15 UTC.

Trading mostly sideways for 4 months. Over the past 11 months, Cotton has retreated 47.5% from a noteworthy peak of $154.89.