Commodity Markets Summary for Jan 10, 2019
Commodity Markets Technical Analysis Market Overview Report for Jan 10, 2019 | by Techniquant Editorial Team
With seven out of the eight Commodity Markets closing lower today, the ones that stand out on the negative side are SUGAR losing -1.56% and CORN closing -1.31% lower. On the flipside the best performer has been CRUDE closing 0.31% higher.
One of today's most interesting market conditions in the Commodity Markets showed up in NATGAS: Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior two Lows" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Natural Gas. Out of 131 times, NATGAS closed lower 56.49% 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 67.18% with an average market move of -1.45%. Read more