Meat and Livestock Commodity Markets Summary for May 22, 2020
Meat and Livestock Commodity Markets Technical Analysis Market Overview Report for May 22, 2020 | by Techniquant Editorial Team
With three out of the three Meat and Livestock Commodity Markets closing lower today, the ones that stand out on the negative side are LEANHOGS losing -2.04% and LIVECATTLE closing -1.2% lower. None of the markets managed to end the day in the green.
One of today's most interesting market conditions in the Meat and Livestock Commodity Markets showed up in LIVECATTLE: Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Live Cattle. Out of 85 times, LIVECATTLE closed higher 54.12% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after nine trading days, showing a win rate of 51.76% with an average market move of 0.13%. Read more