Consumer Commodity Markets Summary for May 22, 2020


Consumer Commodity Markets Technical Analysis Market Overview Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

ORANGE still stuck within tight trading range
COTTON breaks below key technical support level
SUGAR closes lower for the 2nd day in a row
COFFEE falls to lowest close since March 17th
LUMBER closes within prior day's range after lackluster session
COCOA pushes through key technical resistance level

Summary

With five out of the six Consumer Commodity Markets closing lower today, the ones that stand out on the negative side are COFFEE losing -1.08% and COTTON closing -0.78% lower. On the flipside the best performer has been COCOA closing 1.92% higher.

One of today's most interesting market conditions in the Consumer Commodity Markets showed up in COTTON: Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Cotton. Out of 155 times, COTTON closed higher 58.06% 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 52.26% with an average market move of 0.16%. Read more

Consumer Commodity Markets Overviews

ORANGE 129.95 -0.20 (-0.15%) ORANGE ended the week 2.46% higher at 126.80 after edging lower $0.20 (-0.16%) today. Trading up to $2.20 lower after the open, the contract managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range. Read more
COTTON 57.19 -0.45 (-0.78%) Moving lower for the 3rd day in a row, COTTON finished the week -1.1% lower at 57.61 after losing $0.45 (-0.78%) today. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session. Read more
SUGAR 11.02 -0.05 (-0.45%) Moving lower for the 2nd day in a row, SUGAR ended the week 5.3% higher at 10.93 after edging lower $0.05 (-0.46%) today. Trading up to $0.17 lower after the open, the contract managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Tuesday, SUGAR gained 3.13% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Read more
COFFEE 105.50 -1.15 (-1.08%) Moving lower for the 4th day in a row, COFFEE finished the week -3.22% lower at 103.70 after losing $1.15 (-1.1%) today on high volume. Today's close at 103.70 marks the lowest recorded closing price since March 17th. Closing below Thursday's low at 104.20, the contract confirmed its breakout through the prior session low after trading up to $1.85 below it intraday. Read more
LUMBER 364.7 -2.5 (-0.68%) LUMBER finished the week 6.65% higher at 367.5 after edging lower $2.5 (-0.68%) today. Trading $4.0 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 missed to decisively move beyond the prior day's trading range in a lackluster session. Read more
COCOA 2,340.0 44.0 (1.92%) COCOA finished the week -0.04% lower at 2382.0 after gaining $44.0 (1.88%) today on high volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Read more

Detailed Reports

Daily technical analysis candlestick chart for Orange Juice (ORANGE) as at Jul 13, 2020
Jul 13, 2020
Daily technical analysis candlestick chart for Cocoa (COCOA) as at Jul 13, 2020
Jul 13, 2020
Daily technical analysis candlestick chart for Coffee (COFFEE) as at Jul 13, 2020
Jul 13, 2020
Daily technical analysis candlestick chart for Sugar (SUGAR) as at Jul 13, 2020
Jul 13, 2020
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