Energy Markets Summary for Aug 07, 2020
Energy Markets Technical Analysis Market Overview Report for Aug 07, 2020 | by Techniquant Editorial Team
With four out of the five Energy Markets closing lower today, the ones that stand out on the negative side are HEATOIL losing -2.09% and GOIL closing -1.68% lower. On the flipside the best performer has been NATGAS closing 3.09% higher.
One of today's most interesting market conditions in the Energy Markets showed up in HEATOIL: Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Heating Oil. Out of 250 times, HEATOIL closed lower 55.20% 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 52.80% with an average market move of -0.85%. Read more