Commodity Markets Summary for Jul 31, 2020
Commodity Markets Technical Analysis Market Overview Report for Jul 31, 2020 | by Techniquant Editorial Team
With six out of the eight Commodity Markets closing higher today, the ones that stand out on the positive side are SUGAR gaining 4.38% and SILVER closing 4.28% higher. On the flipside the worst performers have been NATGAS closing -1.14% lower and CORN losing -0.23%.
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 OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for Natural Gas. Out of 759 times, NATGAS closed lower 50.99% 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 59.95% with an average market move of -0.86%. Read more