Commodity Markets Summary for Jul 31, 2020


Commodity Markets Technical Analysis Market Overview Report for Jul 31, 2020 | by Techniquant Editorial Team

Highlights

NATGAS breaks back below 50-day moving average
CORN declines to lowest close since April 28th
SUGAR breaks above 200-day moving average for the first time since March 6th
COFFEE closes higher for the 3rd day in a row
WHEAT stuck within tight trading range
GOLD pops to highest close since November 11, 2011
SILVER runs into sellers again around 2467.0
CRUDE closes within prior day's range after lackluster session

Summary

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

Commodity Markets Overviews

NATGAS 1.816 -0.021 (-1.14%) Moving lower for the 2nd day in a row, NATGAS finished the month 1.17% higher at 1.816 after edging lower $0.021 (-1.14%) today. Trading $0.027 higher after the open, Natural Gas was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 1.818, the contract confirmed its breakout through the previous session low after trading up to $0.037 below it intraday. Read more
CORN 326.00 -0.75 (-0.23%) CORN ended the month -7.56% lower at 315.00 after losing $0.75 (-0.24%) today on low volume. Today's close at 315.00 marks the lowest recorded closing price since April 28th. Trading $1.75 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 315.25, the contract confirmed its breakout through the prior session low after trading up to $0.75 below it intraday. Read more
SUGAR 12.64 0.53 (4.38%) Moving higher for the 2nd day in a row, SUGAR ended the month 5.69% higher at 12.64 after surging $0.53 (4.38%) today on high volume. Today's close at 12.64 marks the highest recorded closing price since March 10th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 12.19, the market confirmed its breakout through the previous session high after trading up to $0.53 above it intraday. Read more
COFFEE 118.60 3.10 (2.68%) Moving higher for the 3rd day in a row, COFFEE finished the month 17.25% higher at 118.60 after gaining $3.10 (2.68%) today on high volume. Today's close at 118.60 marks the highest recorded closing price since April 17th. Closing above Thursday's high at 117.40, the market confirmed its breakout through the prior session high after trading up to $2.00 above it intraday. Read more
WHEAT 530.75 2.00 (0.38%) WHEAT finished the month 7.82% higher at 530.75 after gaining $2.00 (0.38%) today. 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
GOLD 1,994.0 20.9 (1.06%) GOLD ended the month 9.31% higher at 1994.0 after gaining $20.9 (1.06%) today. Today's close at 1994.0 marks the highest recorded closing price since November 11, 2011. Closing above Thursday's high at 1987.3, the contract confirmed its breakout through the previous session high after trading up to $18.1 above it intraday. Read more
SILVER 2,463.0 101.0 (4.28%) SILVER ended the month 32.63% higher at 2463.0 after gaining $101.0 (4.28%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 2458.0, the market confirmed its breakout through the previous session high after trading up to $9.0 above it intraday. Read more
CRUDE 40.43 0.10 (0.25%) CRUDE ended the month 1.13% higher at 40.43 after edging higher $0.10 (0.25%) today. Trading up to $0.68 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

Detailed Reports

Daily technical analysis candlestick chart for Henry Hub Natural Gas (NATGAS) as at Aug 07, 2020
Aug 07, 2020
Daily technical analysis candlestick chart for Wheat (WHEAT) as at Aug 07, 2020
Aug 07, 2020
Daily technical analysis candlestick chart for Sugar (SUGAR) as at Aug 07, 2020
Aug 07, 2020
Daily technical analysis candlestick chart for Corn (CORN) as at Aug 07, 2020
Aug 07, 2020
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