The Cotton future dull so far today at $77.15, while in the midst of a bearish run

A 17 day downtrend has resulted in the asset losing $8.59. Today is looking a bit better: the Cotton future trades at $77.15 per pound, after ending yesterday at $77.16.

United States Core Durable Goods Orders is next today at 12:30 UTC.

Uncertainty around the Cotton future is reflected by published market data as United States Building Permits released today at 11:45 UTC with a figure of 1.50 million, while the previous figure was 1.42 million. United States Building Permits came out at 5.6%, while a consensus of analysts was expecting 5.2%. United States 2-Year Note Auction released yesterday at 17:00 UTC with a figure of 4.67, while the previous figure was 4.3.

Trend-following investors would be interested to note 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. According to asset volatility analysis, ICE Cotton's upper Bollinger Band® is at $87.66 and the lower is $77.36.

The current technical outlook indicates Cotton will continue to ebb sideways within tight ranges for the immediate future.

Meanwhile, mixed performances are seen in other Softs as Sugar closed at $23.14 (down 2.2%).

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Crude Oil Inventories is projected to outperform its last figure with 1.42 million. It previously stood at -3.83 million; data will be released tomorrow at 14:30 UTC. United States Core Durable Goods Orders is projected to outperform its last figure with -0.1%. It previously stood at -0.2%; data will be released today at 12:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 104. It previously stood at 102.3; data will be released today at 14:00 UTC.

The commodity has been trending lower for about a month. Cotton has fallen back around 36.88% over the past 10 months, from a notable high of $122.25.