The Cotton future is growing its four-day winning streak by closing at $80.55, gaining 15 cents.

Yesterday at a glance: hesitant but grinding higher: ICE Cotton closed at $80.55 per pound after ranging between $79.8 and $81.66.

At the same time, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 236,400, while the previous figure was 244,600. Fresh CFTC Gold speculative net positions data from United States came out at 185,300.

Cotton made an initial breakout above its 10 day Simple Moving Average at $81.1, a potential indicator of a newly emerging bullish phase. ICE Cotton is currently trading around the $81.11 Fibonacci resistance level. ICE Cotton's lower Bollinger Band® is at $78.32, indicating that the market is oversold and fertile for new buyers. Despite this, Cotton reversed direction at $81.54 resistance zone and retreated back 99 cents below it.

Overall, looking at the technical analysis landscape, it seems ICE Cotton might continue pointing upwards in the short term.

Rallies can also be seen in other Softs, Cocoa is trading around $2,936 after ending yesterday's session at $2,924 (up 0.41% today).

At the same time, after ending yesterday's session at $188.2, Coffee lost $2.45 and is trading around $185.75.

The commodity has been trending lower for about 4 months. Over the past 11 months, Cotton has retreated 48.09% from a noteworthy peak of $154.89.