Commodity Markets Summary for Oct 16, 2020


Commodity Markets Technical Analysis Market Overview Report for Oct 16, 2020 | by Techniquant Editorial Team

Highlights

CRUDE closes lower for the 2nd day in a row
SUGAR dominated by bulls lifting the market higher throughout the day
COFFEE runs into sellers around 111.10 for the forth day in a row
WHEAT closes higher for the 3rd day in a row
NATGAS runs into sellers again around 2.852
CORN enters Golden Cross for the first time since September 6, 2019
SILVER stuck within tight trading range
GOLD closes within previous day's range after lackluster session

Summary

With six out of the eight Commodity Markets closing lower today, the ones that stand out on the negative side are NATGAS losing -2.96% and COFFEE closing -2.51% lower. On the flipside the best performers have been SUGAR closing 1.76% higher and WHEAT gaining 1.17%.

One of today's most interesting market conditions in the Commodity Markets showed up in SUGAR: Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Sugar. Out of 510 times, SUGAR closed lower 54.51% 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 57.45% with an average market move of -0.45%. Read more

Commodity Markets Overviews

CRUDE 41.03 -0.17 (-0.41%) Moving lower for the 2nd day in a row, CRUDE finished the week 0.56% higher at 41.03 after edging lower $0.17 (-0.41%) today on low volume. 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
SUGAR 14.43 0.25 (1.76%) SUGAR finished the week 1.41% higher at 14.43 after gaining $0.25 (1.76%) today on low volume. Today's close at 14.43 marks the highest recorded closing price since March 3rd. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Read more
COFFEE 106.90 -2.75 (-2.51%) Moving lower for the 3rd day in a row, COFFEE ended the week -3.82% lower at 106.90 after losing $2.75 (-2.51%) today. Trading $1.45 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 within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Read more
WHEAT 626.50 7.25 (1.17%) Moving higher for the 3rd day in a row, WHEAT finished the week 5.78% higher at 626.50 after gaining $7.25 (1.17%) today. Today's close at 626.50 marks the highest recorded closing price since August 8, 2018. Closing above Thursday's high at 619.50, the contract confirmed its breakout through the previous session high after trading up to $11.25 above it intraday. Read more
NATGAS 3.046 -0.093 (-2.96%) NATGAS finished the week -2.71% lower at 2.688 after losing $0.093 (-3.34%) today. Trading $0.074 higher after the open, Nat Gas was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Read more
CORN 402.50 -1.25 (-0.31%) CORN ended the week 2.03% higher at 402.50 after losing $1.25 (-0.31%) today. Trading $5.75 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 8th, CORN actually gained 1.87% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Read more
SILVER 2,428.0 -15.0 (-0.61%) SILVER ended the week -4.03% lower at 2428.0 after losing $15.0 (-0.61%) today. Trading $23.0 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 Monday, SILVER lost -3.96% on the following trading day. 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
GOLD 1,902.9 -10.0 (-0.52%) GOLD finished the week -1.72% lower at 1902.9 after losing $10.0 (-0.52%) today on low volume. Trading $6.0 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 October 2nd, GOLD actually gained 0.76% on the following trading day. 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 Crude Oil (CRUDE) as at Oct 26, 2020
Oct 26, 2020
Daily technical analysis candlestick chart for Sugar (SUGAR) as at Oct 26, 2020
Oct 26, 2020
Daily technical analysis candlestick chart for Coffee (COFFEE) as at Oct 26, 2020
Oct 26, 2020
Daily technical analysis candlestick chart for Corn (CORN) as at Oct 26, 2020
Oct 26, 2020
Trending Assets
Top Movers