Commodity Markets Summary for Jul 11, 2019


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

Highlights

WHEAT closes higher for the 2nd day in a row
CORN closes higher for the 2nd day in a row
NATGAS breaks below Wednesday's low
SILVER runs into sellers again around 1534.5
CRUDE rises to highest close since May 22nd
SUGAR fails to close above 20-day moving average
COFFEE closes within previous day's range after lackluster session
GOLD unable to break through key resistance level

Summary

With four Commodity Markets closing higher and four closing lower today, the winners of the day are WHEAT surging 3.19% and CORN gaining 2.25%. On the flipside the worst performers have been NATGAS closing -1.53% lower and GOLD losing -1.09%.

One of today's most interesting market conditions in the Commodity Markets showed up in SILVER: Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 100" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Silver. Out of 65 times, SILVER closed higher 63.08% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 50.77% with an average market move of 0.46%. Read more

Commodity Markets Overviews

WHEAT 526.25 16.25 (3.19%) Moving higher for the 2nd day in a row, WHEAT ended Thursday at 520.75 surging $16.25 (3.22%). This is the biggest single-day gain in over a month. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 506.75, the market confirmed its breakout through the previous session high after trading up to $16.25 above it intraday. Read more
CORN 453.75 10.00 (2.25%) Moving higher for the 2nd day in a row, CORN finished Thursday at 444.00 gaining $10.00 (2.3%). Trading up to $7.75 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 436.50, the contract confirmed its breakout through the prior session high after trading up to $8.25 above it intraday. Read more
NATGAS 2.386 -0.037 (-1.53%) NATGAS finished Thursday at 2.408 losing $0.037 (-1.51%) on high volume. Trading $0.042 higher after the open, Nat Gas was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 2.416, the contract confirmed its breakout through the previous session low after trading up to $0.023 below it intraday. Read more
SILVER 1,514.0 -12.5 (-0.82%) SILVER finished Thursday at 1514.0 losing $12.5 (-0.82%). Trading $8.0 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 within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Read more
CRUDE 60.47 0.16 (0.27%) Moving higher for the 3rd day in a row, CRUDE finished Thursday at 60.43 gaining $0.16 (0.27%). Today's close at 60.43 marks the highest recorded closing price since May 22nd. Trading $0.50 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 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 12.38 -0.12 (-0.96%) SUGAR finished Thursday at 12.38 losing $0.12 (-0.96%). Trading $0.12 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 within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Read more
COFFEE 110.60 1.05 (0.96%) COFFEE finished Thursday at 107.05 gaining $1.05 (0.99%) on low volume. Trading up to $1.00 lower after the open, the market 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 missed to decisively move beyond the previous day's trading range in a lackluster session. Read more
GOLD 1,418.0 -15.6 (-1.09%) GOLD finished Thursday at 1405.4 losing $15.6 (-1.1%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Read more

Detailed Reports

Daily technical analysis candlestick chart for Gold (GOLD) as at Aug 23, 2019
Aug 23, 2019
Daily technical analysis candlestick chart for Silver (SILVER) as at Aug 23, 2019
Aug 23, 2019
Daily technical analysis candlestick chart for Wheat (WHEAT) as at Aug 23, 2019
Aug 23, 2019
Daily technical analysis candlestick chart for Crude Oil (CRUDE) as at Aug 23, 2019
Aug 23, 2019
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