OATS pops to highest close since January 12, 2015
Oats (OATS) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, OATS ended the week 3.53% higher at 323.00 after gaining $3.00 (0.94%) today. Today's close at 323.00 marks the highest recorded closing price since January 12, 2015. Closing above Thursday's high at 322.00, the market confirmed its breakout through the previous session high after trading up to $2.75 above it intraday.
Daily Candlestick Chart (OATS as at May 22, 2020):
Friday's trading range has been $6.50 (2.03%), that's slightly below the last trading month's daily average range of $7.01. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for OATS.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Oats. Out of 70 times, OATS closed lower 58.57% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 57.14% with an average market move of -0.48%.
With four out of the other five Agriculture Commodity Markets closing lower today, the ones that stand out on the negative side are SOYBEANOIL losing -1.59% and WHEAT closing -1.36% lower. On the flipside the best performer has been SOYMEAL closing 0.53% higher. Read more