Commodity Markets Summary for Jan 10, 2019


Commodity Markets Technical Analysis Market Overview Report for Jan 10, 2019 | by Techniquant Editorial Team

Highlights

CRUDE closes above its opening price after recovering from early selling pressure
NATGAS still stuck within tight trading range
SUGAR closes within prior day's range
COFFEE breaks below key technical support level
WHEAT breaks back below 50-day moving average
SILVER breaks below Wednesday's low
CORN breaks back below 100-day moving average
GOLD dominated by bears dragging the market lower throughout the day

Summary

With seven out of the eight Commodity Markets closing lower today, the ones that stand out on the negative side are SUGAR losing -1.53% and CORN closing -1.25% lower. On the flipside the best performer has been CRUDE closing 0.3% 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

Commodity Markets Overviews

CRUDE 53.74 0.16 (0.30%) Moving higher for the 8th day in a row, CRUDE finished Thursday at 52.32 edging higher $0.16 (0.31%) on high volume. Today's close at 52.32 marks the highest recorded closing price since December 13, 2018. Trading up to $0.81 lower after the open, Oil managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Read more
NATGAS 2.810 -0.023 (-0.81%) Moving lower for the 2nd day in a row, NATGAS finished Thursday at 2.967 losing $0.023 (-0.77%). Trading $0.099 higher after the open, Natural Gas was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Read more
SUGAR 12.90 -0.20 (-1.53%) SUGAR finished Thursday at 12.66 losing $0.20 (-1.56%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range. Read more
COFFEE 111.85 -0.95 (-0.84%) Moving lower for the 2nd day in a row, COFFEE ended Thursday at 103.90 losing $0.95 (-0.91%) on high volume. Trading $1.00 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 104.35, the contract confirmed its breakout through the prior session low after trading up to $1.00 below it intraday. Read more
WHEAT 524.00 -5.75 (-1.09%) WHEAT finished Thursday at 513.75 losing $5.75 (-1.11%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 518.25, the contract confirmed its breakout through the previous session low after trading up to $6.25 below it intraday. Read more
SILVER 1,577.0 -19.0 (-1.19%) SILVER ended Thursday at 1560.5 losing $19.0 (-1.2%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 1563.0, the market confirmed its breakout through the prior session low after trading up to $4.5 below it intraday. Read more
CORN 395.00 -5.00 (-1.25%) CORN finished Thursday at 377.00 tanking $5.00 (-1.31%) on high volume. This is the biggest single-day loss in over three weeks. Closing below Wednesday's low at 380.50, the contract confirmed its breakout through the prior session low after trading up to $4.50 below it intraday. Read more
GOLD 1,305.6 -7.6 (-0.58%) GOLD finished Thursday at 1287.1 losing $7.6 (-0.59%) on high volume. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range. Read more

Detailed Reports

Daily technical analysis candlestick chart for Crude Oil (CRUDE) as at Jun 19, 2019
Jun 19, 2019
Daily technical analysis candlestick chart for Gold (GOLD) as at Jun 19, 2019
Jun 19, 2019
Daily technical analysis candlestick chart for Coffee (COFFEE) as at Jun 19, 2019
Jun 19, 2019
Daily technical analysis candlestick chart for Silver (SILVER) as at Jun 19, 2019
Jun 19, 2019
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