Commodity Markets Summary for Sep 15, 2020


Commodity Markets Technical Analysis Market Overview Report for Sep 15, 2020 | by Techniquant Editorial Team

Highlights

SUGAR finds buyers around 12.37 for the third day in a row
NATGAS closes within previous day's range after lackluster session
COFFEE enters Golden Cross for the first time since May 29th
WHEAT breaks back below 200-day moving average
CRUDE dominated by bulls lifting the market higher throughout the day
SILVER still stuck within tight trading range
CORN closes lower for the 2nd day in a row
GOLD unable to break through key resistance level

Summary

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

Commodity Markets Overviews

SUGAR 12.71 0.32 (2.58%) SUGAR ended Tuesday at 12.71 surging $0.32 (2.58%) on high volume. This is the biggest single-day gain in over three weeks. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 12.61, the market confirmed its breakout through the previous session high after trading up to $0.12 above it intraday. Read more
NATGAS 2.913 0.054 (1.89%) Moving higher for the 2nd day in a row, NATGAS finished Tuesday at 2.357 gaining $0.054 (2.34%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session. Read more
COFFEE 121.60 -0.30 (-0.25%) Moving lower for the 2nd day in a row, COFFEE ended Tuesday at 121.60 losing $0.30 (-0.25%) on high volume. Today's close at 121.60 marks the lowest recorded closing price since August 24th. Closing below Monday's low at 121.65, the market confirmed its breakout through the prior session low after trading up to $6.65 below it intraday. Read more
WHEAT 538.25 -8.75 (-1.60%) WHEAT ended Tuesday at 538.25 losing $8.75 (-1.6%). Closing below Monday's low at 539.75, the market confirmed its breakout through the previous session low after trading up to $6.00 below it intraday. Read more
CRUDE 38.64 1.13 (3.01%) CRUDE ended Tuesday at 38.39 gaining $1.13 (3.03%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 37.68, the market confirmed its breakout through the previous session high after trading up to $0.89 above it intraday. Read more
SILVER 2,734.5 -1.5 (-0.05%) SILVER ended Tuesday at 2734.5 edging lower $1.5 (-0.05%) on low volume. Trading $48.5 higher after the open, the contract was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on September 11th, SILVER actually gained 1.62% on the following trading day. 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
CORN 366.25 -2.75 (-0.75%) Moving lower for the 2nd day in a row, CORN ended Tuesday at 366.25 losing $2.75 (-0.75%) on low volume. Closing below Monday's low at 367.25, the market confirmed its breakout through the prior session low after trading up to $2.00 below it intraday. Read more
GOLD 1,961.9 -3.2 (-0.16%) GOLD ended Tuesday at 1961.9 losing $3.2 (-0.16%). Trading $16.2 higher after the open, the contract was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on September 11th, GOLD actually gained 0.87% on the following trading day. 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 Sep 25, 2020
Sep 25, 2020
Daily technical analysis candlestick chart for Coffee (COFFEE) as at Sep 25, 2020
Sep 25, 2020
Daily technical analysis candlestick chart for Henry Hub Natural Gas (NATGAS) as at Sep 25, 2020
Sep 25, 2020
Daily technical analysis candlestick chart for Gold (GOLD) as at Sep 25, 2020
Sep 25, 2020
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