Mixed sentiment sees the Cotton future ending the day broadly flat; establishes tight $77.24 to $78.04 range

ICE Cotton trades at $77.28 per pound, after ending yesterday at $77.22.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Cotton has potential of recording further declines after crossing its lower Bollinger Band® at $78.33.

Despite the market lacking direction, technical chart analysis strongly suggests the Cotton future is positioned for a downward move in the near term.