Commodity Markets Summary for Jun 11, 2019


Commodity Markets Technical Analysis Market Overview Report for Jun 11, 2019 | by Techniquant Editorial Team

Highlights

SUGAR pushes through Monday's high
COFFEE runs into sellers again around 100.45
CORN pushes through key technical resistance level
SILVER closes within prior day's range
CRUDE closes below its opening price unable to hold early session gains
GOLD finds buyers at key support level
NATGAS closes above its opening price after recovering from early selling pressure
WHEAT dominated by bulls lifting the market higher throughout the day

Summary

With five out of the eight Commodity Markets closing higher today, the ones that stand out on the positive side are CORN gaining 2.46% and WHEAT closing 2.2% higher. On the flipside the worst performers have been COFFEE closing -0.7% lower and CRUDE losing -0.69%.

One of today's most interesting market conditions in the Commodity Markets showed up in CORN: Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Corn. Out of 312 times, CORN closed lower 50.96% 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 56.41% with an average market move of -0.10%. Read more

Commodity Markets Overviews

SUGAR 12.76 0.10 (0.79%) SUGAR finished Tuesday at 12.53 gaining $0.10 (0.8%) on high volume. Today's close at 12.53 marks the highest recorded closing price since April 26th. Trading up to $0.17 lower after the open, the contract managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 12.49, the market confirmed its breakout through the previous session high after trading up to $0.05 above it intraday. Read more
COFFEE 99.85 -0.70 (-0.70%) Moving lower for the 3rd day in a row, COFFEE ended Tuesday at 97.35 losing $0.70 (-0.71%) on high volume. Trading $2.35 higher after the open, the contract was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Monday's low at 98.00, the market confirmed its breakout through the previous session low after trading up to $1.15 below it intraday. Read more
CORN 426.25 10.25 (2.46%) Moving higher for the 2nd day in a row, CORN finished Tuesday at 426.25 gaining $10.25 (2.46%). Closing above Monday's high at 416.50, the contract confirmed its breakout through the previous session high after trading up to $13.75 above it intraday. Read more
SILVER 1,472.5 4.0 (0.27%) SILVER finished Tuesday at 1472.5 gaining $4.0 (0.27%). Trading up to $5.5 lower after the open, the contract managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Read more
CRUDE 53.27 -0.37 (-0.69%) Moving lower for the 2nd day in a row, CRUDE ended Tuesday at 53.05 losing $0.37 (-0.69%). Trading $0.61 higher after the open, the contract was unable to hold its gains as the bears took control ending the day below its opening price. Ending with a weak close near the low of the day sets a bearish note for the next session. Read more
GOLD 1,330.7 -1.1 (-0.08%) Moving lower for the 2nd day in a row, GOLD finished Tuesday at 1330.7 losing $1.1 (-0.08%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Read more
NATGAS 2.399 0.039 (1.65%) Moving higher for the 3rd day in a row, NATGAS ended Tuesday at 2.399 gaining $0.039 (1.65%) on high volume. Trading up to $0.025 lower after the open, Natural Gas managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 7th, NATGAS gained 0.98% on the following trading day. Closing above Monday's high at 2.365, the market confirmed its breakout through the prior session high after trading up to $0.041 above it intraday. Read more
WHEAT 522.25 11.25 (2.20%) Moving higher for the 2nd day in a row, WHEAT finished Tuesday at 518.25 gaining $11.25 (2.22%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 508.50, the contract confirmed its breakout through the previous session high after trading up to $10.25 above it intraday. Read more

Detailed Reports

Daily technical analysis candlestick chart for Crude Oil (CRUDE) as at Jun 18, 2019
Jun 18, 2019
Daily technical analysis candlestick chart for Coffee (COFFEE) as at Jun 18, 2019
Jun 18, 2019
Daily technical analysis candlestick chart for Henry Hub Natural Gas (NATGAS) as at Jun 18, 2019
Jun 18, 2019
Daily technical analysis candlestick chart for Sugar (SUGAR) as at Jun 18, 2019
Jun 18, 2019
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