Commodity Markets Summary for Jun 11, 2019
Commodity Markets Technical Analysis Market Overview Report for Jun 11, 2019 | by Techniquant Editorial Team
With five out of the eight Commodity Markets closing higher today, the ones that stand out on the positive side are CORN gaining 2.32% and WHEAT closing 2.16% higher. On the flipside the worst performers have been CRUDE closing -0.69% lower and COFFEE losing -0.65%.
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