Commodity Markets Summary for Mar 25, 2020


Commodity Markets Technical Analysis Market Overview Report for Mar 25, 2020 | by Techniquant Editorial Team

Highlights

COFFEE closes above its opening price after recovering from early selling pressure
GOLD unable to break through key resistance level
CRUDE finds buyers again around 22.91
WHEAT pushes through key technical resistance level
SUGAR closes within prior day's range
NATGAS closes below its opening price unable to hold early session gains
CORN closes higher for the 2nd day in a row
SILVER pushes through Tuesday's high

Summary

With five out of the eight Commodity Markets closing higher today, the ones that stand out on the positive side are WHEAT gaining 3.35% and COFFEE closing 3.33% higher. On the flipside the worst performers have been GOLD closing -1.51% lower and NATGAS losing -0.69%.

One of today's most interesting market conditions in the Commodity Markets showed up in COFFEE: Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Coffee. Out of 14 times, COFFEE closed lower 57.14% 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 71.43% with an average market move of -0.96%. Read more

Commodity Markets Overviews

COFFEE 134.95 4.35 (3.33%) Moving higher for the 6th day in a row, COFFEE ended Wednesday at 129.95 gaining $4.35 (3.46%) on high volume. Today's close at 129.95 marks the highest recorded closing price since December 31, 2019. Trading up to $3.85 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Monday, COFFEE gained 3.59% on the following trading day. Ending with a strong close near the high of the day sets a bullish note for the next session. Read more
GOLD 1,707.2 -26.1 (-1.51%) GOLD ended Wednesday at 1642.9 losing $26.1 (-1.56%) on low volume. Trading $33.1 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 failed to decisively move beyond the previous day's trading range. Read more
CRUDE 32.89 -0.02 (-0.06%) CRUDE ended Wednesday at 24.31 losing $0.02 (-0.08%) on low volume. Trading $0.87 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 failed to decisively move beyond the previous day's trading range in a lackluster session. Read more
WHEAT 593.25 19.25 (3.35%) WHEAT finished Wednesday at 579.75 surging $19.25 (3.43%) on high volume. Today's close at 579.75 marks the highest recorded closing price since January 21st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 562.50, the market confirmed its breakout through the previous session high after trading up to $20.75 above it intraday. Read more
SUGAR 12.25 0.14 (1.16%) Moving higher for the 4th day in a row, SUGAR ended Wednesday at 11.41 gaining $0.14 (1.24%). Trading $0.26 higher after the open, the contract was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on March 19th, SUGAR actually gained 3.02% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range. Read more
NATGAS 2.868 -0.020 (-0.69%) NATGAS ended Wednesday at 1.723 edging lower $0.020 (-1.15%) on low volume. Trading $0.041 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 March 20th, NATGAS actually gained 0.61% 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
CORN 371.50 2.00 (0.54%) Moving higher for the 2nd day in a row, CORN ended Wednesday at 349.75 gaining $2.00 (0.58%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session. Read more
SILVER 1,516.0 32.5 (2.19%) Moving higher for the 5th day in a row, SILVER ended Wednesday at 1472.5 gaining $32.5 (2.26%). Closing above Tuesday's high at 1443.5, the contract confirmed its breakout through the previous session high after trading up to $49.5 above it intraday. Read more

Detailed Reports

Daily technical analysis candlestick chart for Sugar (SUGAR) as at Sep 25, 2020
Sep 25, 2020
Daily technical analysis candlestick chart for Coffee (COFFEE) as at Sep 25, 2020
Sep 25, 2020
Daily technical analysis candlestick chart for Henry Hub Natural Gas (NATGAS) as at Sep 25, 2020
Sep 25, 2020
Daily technical analysis candlestick chart for Gold (GOLD) as at Sep 25, 2020
Sep 25, 2020
Trending Assets
Top Movers