Commodity Markets Summary for May 22, 2020
Commodity Markets Technical Analysis Market Overview Report for May 22, 2020 | by Techniquant Editorial Team
With five out of the eight Commodity Markets closing lower today, the ones that stand out on the negative side are WHEAT losing -1.36% and COFFEE closing -1.1% lower. On the flipside the best performers have been NATGAS closing 1.5% higher and SILVER gaining 1.4%.
One of today's most interesting market conditions in the Commodity Markets showed up in SUGAR: Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Sugar. Out of 375 times, SUGAR closed lower 52.80% 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 54.93% with an average market move of -0.28%. Read more