Commodity Markets Summary for Nov 20, 2020
Commodity Markets Technical Analysis Market Overview Report for Nov 20, 2020 | by Techniquant Editorial Team
With five out of the eight Commodity Markets closing higher today, the ones that stand out on the positive side are NATGAS gaining 2.13% and CRUDE closing 1.36% higher. On the flipside the worst performers have been COFFEE closing -4.66% lower and SUGAR losing -0.46%.
One of today's most interesting market conditions in the Commodity Markets showed up in NATGAS: Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bearish for Natural Gas. Out of 758 times, NATGAS closed lower 51.45% 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 59.76% with an average market move of -0.66%. Read more