CRUDE dominated by bulls lifting the market higher throughout the day
Crude Oil (CRUDE) Technical Analysis Report for Sep 15, 2020 | by Techniquant Editorial Team
CRUDE ended Tuesday at 38.39 gaining $1.13 (3.03%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 37.68, the market confirmed its breakout through the previous session high after trading up to $0.89 above it intraday.
Daily Candlestick Chart (CRUDE as at Sep 15, 2020):
Tuesday's trading range has been $1.51 (4.05%), that's slightly above the last trading month's daily average range of $1.36. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CRUDE. Prices continued to consolidate within a tight trading range between 36.16 and 38.57 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
Oil managed to close back above the 100-day moving average at 37.85 for the first time since September 9th. When this moving average was crossed above the last time on June 18th, CRUDE gained 1.24% on the following trading day.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for Oil. Out of 66 times, CRUDE closed higher 53.03% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after nine trading days, showing a win rate of 56.06% with an average market move of 0.14%.
With five out of the other seven Commodity Markets closing lower today, the ones that stand out on the negative side are WHEAT losing -1.6% and CORN closing -0.75% lower. On the flipside the best performers have been SUGAR closing 2.58% higher and NATGAS gaining 1.89%. Read more