Commodity Markets Summary for Nov 07, 2019


Commodity Markets Technical Analysis Market Overview Report for Nov 07, 2019 | by Techniquant Editorial Team

Highlights

SILVER breaks below Wednesday's low
GOLD slides to lowest close since August 2nd
COFFEE closes higher for the 3rd day in a row
NATGAS runs into sellers again around 2.882
CORN dominated by bears dragging the market lower throughout the day
CRUDE unable to break through key resistance level
SUGAR breaks back below 20-day moving average
WHEAT breaks below Wednesday's low

Summary

With six out of the eight Commodity Markets closing lower today, the ones that stand out on the negative side are SILVER losing -3.04% and NATGAS closing -1.65% lower. On the flipside the best performers have been COFFEE closing 1.35% higher and CRUDE gaining 1.2%.

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

Commodity Markets Overviews

SILVER 1,708.0 -53.5 (-3.04%) SILVER ended Thursday at 1708.0 tanking $53.5 (-3.04%). This is the biggest single-day loss in over a month. Today's close at 1708.0 marks the lowest recorded closing price since September 30th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 1736.0, the market confirmed its breakout through the previous session low after trading up to $45.0 below it intraday. Read more
GOLD 1,469.4 -22.6 (-1.51%) GOLD finished Thursday at 1469.4 tanking $22.6 (-1.51%) on low volume. Today's close at 1469.4 marks the lowest recorded closing price since August 2nd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 1483.8, the contract confirmed its breakout through the previous session low after trading up to $22.4 below it intraday. Read more
COFFEE 112.90 1.50 (1.35%) Moving higher for the 3rd day in a row, COFFEE finished Thursday at 109.40 gaining $1.50 (1.39%) on low volume. Today's close at 109.40 marks the highest recorded closing price since July 19th. Trading up to $1.00 lower after the open, the contract managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on October 30th, COFFEE gained 2.92% on the following trading day. Closing above Wednesday's high at 108.20, the market confirmed its breakout through the prior session high after trading up to $1.40 above it intraday. Read more
NATGAS 2.853 -0.048 (-1.65%) Moving lower for the 2nd day in a row, NATGAS finished Thursday at 2.785 losing $0.048 (-1.69%) on low volume. Trading $0.059 higher after the open, Nat Gas was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 31st, NATGAS actually gained 2.35% on the following trading day. Closing below Wednesday's low at 2.820, the market confirmed its breakout through the prior session low after trading up to $0.067 below it intraday. Read more
CORN 374.75 -4.00 (-1.06%) Moving lower for the 6th day in a row, CORN ended Thursday at 374.75 losing $4.00 (-1.06%) on low volume. Today's close at 374.75 marks the lowest recorded closing price since September 27th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 377.50, the market confirmed its breakout through the prior session low after trading up to $3.75 below it intraday. Read more
CRUDE 57.16 0.68 (1.20%) CRUDE ended Thursday at 57.07 gaining $0.68 (1.21%) on low volume. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range. Read more
SUGAR 12.39 -0.17 (-1.35%) Moving lower for the 2nd day in a row, SUGAR ended Thursday at 12.39 tanking $0.17 (-1.35%) on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 12.54, the market confirmed its breakout through the prior session low after trading up to $0.19 below it intraday. Read more
WHEAT 515.50 -4.75 (-0.91%) WHEAT finished Thursday at 512.25 losing $4.75 (-0.92%) on low volume. Closing below Wednesday's low at 513.50, the market confirmed its breakout through the prior session low after trading up to $2.50 below it intraday. Read more

Detailed Reports

Daily technical analysis candlestick chart for Wheat (WHEAT) as at Nov 20, 2019
Nov 20, 2019
Daily technical analysis candlestick chart for Crude Oil (CRUDE) as at Nov 20, 2019
Nov 20, 2019
Daily technical analysis candlestick chart for Coffee (COFFEE) as at Nov 20, 2019
Nov 20, 2019
Daily technical analysis candlestick chart for Henry Hub Natural Gas (NATGAS) as at Nov 20, 2019
Nov 20, 2019
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