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