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