| 
June 04, 2023Friday at a glance: with a daily low of $81.9, ICE Cotton closed Friday at $86.11 per pound, after ending Thursday at $86.05 and gaining 6 cents (0.07%).
Chart analysis suggests Cotton reversed direction at $82.17 support zone and climbed $3.94 above it. Trend-focused traders would be interested to note that the MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. Fibonacci-minded traders witnessed a key Fib level of $82.44 holding firm – an indicator of highly concentrated demand around this level. Asset volatility analysis shows that ICE Cotton's upper Bollinger Band® is at $88.41, suggesting that a downward move may follow.
Overall, the technical outlook suggests ICE Cotton is likely to remain muted for the immediate future, with no clear-cut direction.
Data to be released today might clear up some of the market fog as United States ISM Non-Manufacturing PMI (May) is expected tomorrow at 14:00 UTC. United States Services PMI is expected tomorrow at 13:45 UTC.
Trading mostly sideways for 2 months. Having soared to a high of $146.62 approximately 11 months ago, ICE Cotton is now trading 41.31% lower.
