Meat and Livestock Commodity Markets Summary for May 29, 2020
Meat and Livestock Commodity Markets Technical Analysis Market Overview Report for May 29, 2020 | by Techniquant Editorial Team
With two out of the three Meat and Livestock Commodity Markets closing lower today, the ones that stand out on the negative side are LIVECATTLE losing -1.17% and FEEDCATTLE closing -0.71% lower. On the flipside the best performer has been LEANHOGS closing 2.64% higher.
One of today's most interesting market conditions in the Meat and Livestock Commodity Markets showed up in LIVECATTLE: Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Live Cattle. Out of 503 times, LIVECATTLE closed higher 51.29% 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 10 trading days, showing a win rate of 53.88% with an average market move of 0.15%. Read more