Commodity Markets Summary for Nov 07, 2019
Commodity Markets Technical Analysis Market Overview Report for Nov 07, 2019 | by Techniquant Editorial Team
With six out of the eight Commodity Markets closing lower today, the ones that stand out on the negative side are SILVER losing -2.97% and NATGAS closing -1.47% lower. On the flipside the best performers have been COFFEE closing 1.31% higher and CRUDE gaining 1.05%.
One of today's most interesting market conditions in the Commodity Markets showed up in CRUDE: Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Oil. Out of 658 times, CRUDE closed higher 52.43% 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 five trading days, showing a win rate of 52.89% with an average market move of 0.04%. Read more