Commodity Markets Summary for Jun 29, 2020


Commodity Markets Technical Analysis Market Overview Report for Jun 29, 2020 | by Techniquant Editorial Team

Highlights

COFFEE surges, gaining $3.40 (3.52%) within a single day on high volume
CRUDE breaks back above 20-day moving average
CORN dominated by bulls lifting the market higher throughout the day
SILVER closes higher for the 3rd day in a row
WHEAT pushes through key technical resistance level
NATGAS pushes through Friday's high
SUGAR finds buyers at key support level
GOLD closes within previous day's range after lackluster session

Summary

With seven out of the eight Commodity Markets closing higher today, the ones that stand out on the positive side are NATGAS gaining 5.21% and CRUDE closing 3.75% higher. On the flipside the worst performer has been GOLD closing -0.04% lower.

One of today's most interesting market conditions in the Commodity Markets showed up in NATGAS: Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Natural Gas. Out of 316 times, NATGAS closed lower 57.59% 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 60.44% with an average market move of -0.98%. Read more

Commodity Markets Overviews

COFFEE 105.30 3.40 (3.34%) Moving higher for the 2nd day in a row, COFFEE finished Monday at 100.05 surging $3.40 (3.52%) on high volume. This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on March 20th, COFFEE gained 1.27% on the following trading day. Today's close at 100.05 marks the highest recorded closing price since June 8th. Closing above Friday's high at 97.10, the contract confirmed its breakout through the previous session high after trading up to $6.05 above it intraday. Read more
CRUDE 40.72 1.47 (3.75%) CRUDE ended Monday at 39.63 gaining $1.47 (3.85%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 39.35, the market confirmed its breakout through the previous session high after trading up to $0.54 above it intraday. Read more
CORN 343.75 9.75 (2.92%) CORN ended Monday at 328.00 surging $9.75 (3.06%) on high volume. This is the biggest single-day gain in over five months. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 323.00, the contract confirmed its breakout through the previous session high after trading up to $6.00 above it intraday. Read more
SILVER 1,836.0 1.0 (0.05%) Moving higher for the 3rd day in a row, SILVER finished Monday at 1809.5 edging higher $1.0 (0.06%) on low volume. Trading $17.5 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 failed to decisively move beyond the previous day's trading range in a lackluster session. Read more
WHEAT 502.50 10.50 (2.13%) WHEAT finished Monday at 486.25 surging $10.50 (2.21%) on high volume. This is the biggest single-day gain in over three weeks. The last time we've seen such an unusually strong single-day gain on June 4th, WHEAT actually lost -1.75% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Read more
NATGAS 2.930 0.145 (5.21%) Moving higher for the 2nd day in a row, NATGAS ended Monday at 1.693 surging $0.145 (9.37%) on high volume. This is the biggest single-day gain in over two months. Closing above Friday's high at 1.569, the contract confirmed its breakout through the previous session high after trading up to $0.184 above it intraday. Read more
SUGAR 12.40 0.15 (1.22%) SUGAR finished Monday at 11.77 gaining $0.15 (1.29%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Read more
GOLD 1,816.5 -0.7 (-0.04%) GOLD finished Monday at 1784.1 edging lower $0.7 (-0.04%) on low volume. 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

Detailed Reports

Daily technical analysis candlestick chart for Sugar (SUGAR) as at Dec 04, 2020
Dec 04, 2020
Daily technical analysis candlestick chart for Crude Oil (CRUDE) as at Dec 04, 2020
Dec 04, 2020
Daily technical analysis candlestick chart for Coffee (COFFEE) as at Dec 04, 2020
Dec 04, 2020
Daily technical analysis candlestick chart for Corn (CORN) as at Dec 04, 2020
Dec 04, 2020
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