Commodity Markets Summary for Jan 13, 2020
Commodity Markets Technical Analysis Market Overview Report for Jan 13, 2020 | 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 COFFEE losing -2.82% and CRUDE closing -1.74% lower. On the flipside the best performers have been CORN closing 0.78% higher and SUGAR gaining 0.64%.
One of today's most interesting market conditions in the Commodity Markets showed up in SUGAR: Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close above the upper Bollinger Band" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Sugar. Out of 146 times, SUGAR closed lower 54.11% 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 56.85% with an average market move of -0.78%. Read more