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