Is it the end of ICE Cotton's rally? After three days of gains, it is down by 0.28% today

The Cotton future is down to $82.14 per pound, after ending yesterday at $82.37. Overall, a 0.28% loss or 23 cents today.

United States Core Retail Sales data will be released today at 12:30 UTC, with an expected improvement to 0.4%. the Cotton future reaction to indicator information will follow.

While price action maintains a negative bias, United States TIC Net Long-Term Transactions (Mar) released yesterday at 20:00 UTC with a figure of 133.3 billion, while the previous figure was 56.6 billion. United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.

Cotton's upper Bollinger Band® is at $84 which indicates a further downward move may follow.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts 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 Cocoa is down to $2,973, losing $13, after closing at $2,986 in the preceding trading session.

Positive performances can be seen by looking at other Softs markets as Coffee rallies 2.93% to trade around $188.2.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as projections for United States Crude Oil Inventories are set for a continuation of decline with -1.3 million while previous data was 2.95 million; data will be released tomorrow at 14:30 UTC.

In addition, United States Retail Sales is projected to outperform its last figure with 0.8%. It previously stood at -0.6%; data will be released today at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.

Trading mostly sideways for 4 months. Having soared to a high of $150.65 approximately a year ago, the Cotton future is now trading 45.32% lower.