Commodity Markets Summary for Jul 11, 2019
Commodity Markets Technical Analysis Market Overview Report for Jul 11, 2019 | by Techniquant Editorial Team
With four Commodity Markets closing higher and four closing lower today, the winners of the day are WHEAT surging 3.17% and CORN gaining 2.21%. On the flipside the worst performers have been NATGAS closing -1.4% lower and GOLD losing -1.08%.
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