Commodity Markets Summary for Sep 15, 2020
Commodity Markets Technical Analysis Market Overview Report for Sep 15, 2020 | by Techniquant Editorial Team
With five out of the eight Commodity Markets closing lower today, the ones that stand out on the negative side are WHEAT losing -1.6% and CORN closing -0.75% lower. On the flipside the best performers have been CRUDE closing 3.01% higher and SUGAR gaining 2.58%.
One of today's most interesting market conditions in the Commodity Markets showed up in NATGAS: Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Natural Gas. Out of 322 times, NATGAS closed lower 57.76% 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 59.63% with an average market move of -0.74%. Read more