Commodity Markets Summary for May 22, 2020


Commodity Markets Technical Analysis Market Overview Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

CORN closes below its opening price unable to hold early session gains
SILVER unable to break through key resistance level
NATGAS finds buyers again around 1.832
SUGAR closes lower for the 2nd day in a row
COFFEE falls to lowest close since March 17th
WHEAT breaks back below 20-day moving average
GOLD closes within prior day's range after lackluster session
CRUDE closes within prior day's range

Summary

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

Commodity Markets Overviews

CORN 317.50 -0.50 (-0.16%) Moving lower for the 3rd day in a row, CORN ended the week -0.63% lower at 317.50 after losing $0.50 (-0.16%) today. Trading $1.25 higher after the open, the contract 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 in a lackluster session. Read more
SILVER 1,769.0 24.5 (1.40%) SILVER ended the week 3.57% higher at 1769.0 after gaining $24.5 (1.4%) today. Trading up to $24.5 lower after the open, the market 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 missed to decisively move beyond the previous day's trading range. Read more
NATGAS 1.893 0.028 (1.50%) NATGAS finished the week 4.13% higher at 1.893 after gaining $0.028 (1.5%) today on low volume. Trading up to $0.038 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
SUGAR 10.93 -0.05 (-0.46%) Moving lower for the 2nd day in a row, SUGAR ended the week 5.3% higher at 10.93 after edging lower $0.05 (-0.46%) today. Trading up to $0.17 lower after the open, the contract managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Tuesday, SUGAR gained 3.13% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Read more
COFFEE 103.70 -1.15 (-1.10%) Moving lower for the 4th day in a row, COFFEE finished the week -3.22% lower at 103.70 after losing $1.15 (-1.1%) today on high volume. Today's close at 103.70 marks the lowest recorded closing price since March 17th. Closing below Thursday's low at 104.20, the contract confirmed its breakout through the prior session low after trading up to $1.85 below it intraday. Read more
WHEAT 508.75 -7.00 (-1.36%) WHEAT ended the week 1.8% higher at 508.75 after losing $7.00 (-1.36%) today. Closing below Thursday's low at 512.00, the market confirmed its breakout through the previous session low after trading up to $8.75 below it intraday. Read more
GOLD 1,734.7 8.0 (0.46%) GOLD ended the week -1.11% lower at 1734.7 after gaining $8.0 (0.46%) today. 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
CRUDE 33.56 -0.35 (-1.03%) CRUDE ended the week 12.69% higher at 33.56 after losing $0.35 (-1.03%) today. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range. Read more

Detailed Reports

Daily technical analysis candlestick chart for Henry Hub Natural Gas (NATGAS) as at May 26, 2020
May 26, 2020
Daily technical analysis candlestick chart for Gold (GOLD) as at May 26, 2020
May 26, 2020
Daily technical analysis candlestick chart for Silver (SILVER) as at May 26, 2020
May 26, 2020
Daily technical analysis candlestick chart for Corn (CORN) as at May 26, 2020
May 26, 2020
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