ICE Cotton is on a 7 day downtrend Today is looking a bit better: the Cotton future went up to $79.88 only to drop back some of the way and is now trading at $78.51 per pound.

United States's Crude Oil Inventories new data released of -5 million below its previous figure.

The Cotton future's state is reflected by market data as Crude Oil Inventories in United States fell short of market expectations (-1.49 million) with a reading of -5 million, continuing the decline from the previous figure of -4.58 million. Data for United States Core Durable Goods Orders published today at 12:30 UTC came out at 0.3%, beating projections of -0.2% and showing improvement over the preceding figure of -0.3%. United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000.

With regards to technical trend indicators, chart analysis show that 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. Asset volatility analysis shows that ICE Cotton's upper Bollinger Band® is at $85.4 and the lower is $78.58. Visual analysis of Cotton's chart shows that Cotton is approaching key support, around $1.43 away from $77.08. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

All in all, the technical analysis suggests ICE Cotton has no clear-cut direction.

Meanwhile, mixed performances are seen in other Softs as Coffee gained 2.07% and is now trading at $192.3. Sugar decreases 0.69% to trade around $25.79.

Furthermore, the market is looking at tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%. As things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of two, following on from the preceding figure of 2.6. New data is set to be published tomorrow at 12:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 248,000 while previous data was 245,000; data will be released tomorrow at 12:30 UTC.

The commodity has been trending lower for about 4 months. Approximately 11 months ago, the Cotton future reached a significant high of $154.89 but has struggled to hold onto its gains and declined 49.24% since then.