Commodity Markets Summary for Oct 16, 2020
Commodity Markets Technical Analysis Market Overview Report for Oct 16, 2020 | by Techniquant Editorial Team
With six out of the eight Commodity Markets closing lower today, the ones that stand out on the negative side are NATGAS losing -2.96% and COFFEE closing -2.51% lower. On the flipside the best performers have been SUGAR closing 1.76% higher and WHEAT gaining 1.17%.
One of today's most interesting market conditions in the Commodity Markets showed up in SUGAR: Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Sugar. Out of 510 times, SUGAR closed lower 54.51% 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 57.45% with an average market move of -0.45%. Read more