Commodity Markets Summary for Jan 14, 2020


Commodity Markets Technical Analysis Market Overview Report for Jan 14, 2020 | by Techniquant Editorial Team

Highlights

NATGAS finds buyers again around 2.173
SUGAR closes higher for the 4th day in a row
COFFEE closes within prior day's range after lackluster session
SILVER breaks below Monday's low
CRUDE finds support at 200-day moving average
WHEAT pushes through Monday's high
CORN closes below its opening price unable to hold early session gains
GOLD closes lower for the 2nd day in a row

Summary

With four out of the eight Commodity Markets closing lower today, the ones that stand out on the negative side are SILVER losing -0.89% and NATGAS closing -0.33% lower. On the flipside the best performers have been WHEAT closing 1.35% higher and SUGAR gaining 1.09%.

One of today's most interesting market conditions in the Commodity Markets showed up in SILVER: Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 100" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Silver. Out of 24 times, SILVER closed lower 62.50% 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 66.67% with an average market move of -1.20%. Read more

Commodity Markets Overviews

NATGAS 3.367 -0.011 (-0.33%) Moving lower for the 2nd day in a row, NATGAS finished Tuesday at 2.179 losing $0.011 (-0.5%) on high volume. Trading $0.067 higher after the open, the market 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 missed to decisively move beyond the previous day's trading range. Read more
SUGAR 14.78 0.16 (1.09%) Moving higher for the 4th day in a row, SUGAR finished Tuesday at 14.32 gaining $0.16 (1.13%) on high volume. Today's close at 14.32 marks the highest recorded closing price since February 27, 2019. Closing above Monday's high at 14.24, the market confirmed its breakout through the previous session high after trading up to $0.29 above it intraday. Read more
COFFEE 122.45 0.00 (0.00%) COFFEE ended Tuesday at 115.25 flat. Trading up to $1.30 lower after the open, the contract 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 failed to decisively move beyond the previous day's trading range in a lackluster session. Read more
SILVER 1,832.5 -16.5 (-0.89%) Moving lower for the 2nd day in a row, SILVER ended Tuesday at 1781.0 losing $16.5 (-0.92%). Closing below Monday's low at 1793.5, the contract confirmed its breakout through the prior session low after trading up to $24.5 below it intraday. Read more
CRUDE 67.51 0.05 (0.07%) CRUDE ended Tuesday at 58.14 gaining $0.05 (0.09%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Read more
WHEAT 581.00 7.75 (1.35%) WHEAT ended Tuesday at 568.50 gaining $7.75 (1.38%). Today's close at 568.50 marks the highest recorded closing price since August 31, 2018. Closing above Monday's high at 565.75, the contract confirmed its breakout through the previous session high after trading up to $7.25 above it intraday. Read more
CORN 414.25 -0.75 (-0.18%) CORN finished Tuesday at 388.75 losing $0.75 (-0.19%). Trading $1.25 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on January 9th, CORN actually gained 0.85% on the following trading day. 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 1,616.2 -1.3 (-0.08%) Moving lower for the 2nd day in a row, GOLD ended Tuesday at 1547.0 losing $1.3 (-0.08%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session. Read more

Detailed Reports

Daily technical analysis candlestick chart for Wheat (WHEAT) as at Sep 18, 2020
Sep 18, 2020
Daily technical analysis candlestick chart for Coffee (COFFEE) as at Sep 18, 2020
Sep 18, 2020
Daily technical analysis candlestick chart for Sugar (SUGAR) as at Sep 18, 2020
Sep 18, 2020
Daily technical analysis candlestick chart for Gold (GOLD) as at Sep 18, 2020
Sep 18, 2020
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