The Cotton future up $2.33 to $85.71 building up on its five days of gains

Currently trading at $85.71 per pound, ICE Cotton remains range-bound between $82.84 and $86.

New United States Crude Oil Inventories improved upon the previous 2.95 million figure while also exceeding analyst expectations with a reading of 5 million.

Uptick comes while some more positive signs for the Cotton future are out as United States Crude Oil Inventories came out at 5 million, better than analyst estimates of -920,000 and improving upon the previous reading of 2.95 million.

On the flip side, highly important Retail Sales data from United States beat analyst expectations of 0.8% with a reading of 0.4%.

Meanwhile, United States Building Permits (Apr) came out at 1.42 million, while a consensus of analysts was expecting 1.44 million.

Cotton broke through the $84.31 resistance and climbed above it $1.4; next resistance level is at $85.37. The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Price action overcame a known Fibonacci resistance level at $84.57 by around $1.14 with prices hammering out a $82.84 – $86 session range. Cotton has crossed the upper Bollinger Band® at $85, a potential sign that further gains are to follow.

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

Meanwhile, Sugar closed at $25.88 (down 0.73%).

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Initial Jobless Claims is projected to outperform its last figure with 254,000, having previously been at 264,000. The figure will be published tomorrow at 12:30 UTC.

Furthermore, the market is looking at United States Philadelphia Fed Manufacturing Index (May) is scheduled for tomorrow at 12:30 UTC. United States Existing Home Sales (Apr) is expected tomorrow at 14:00 UTC.

Trading mostly sideways for 4 months. The Cotton future has shed $67.41 points and is languishing 44.7% lower over the past year, leaving its yearly highs around $150.65 in the rear-view mirror.