Commodity Markets Summary for Nov 20, 2020


Commodity Markets Technical Analysis Market Overview Report for Nov 20, 2020 | by Techniquant Editorial Team

Highlights

COFFEE runs into sellers around 124.25 for the third day in a row
CRUDE pushes through key technical resistance level
WHEAT finds buyers again around 596.75
SUGAR finds support at 20-day moving average
SILVER misses to close above 50-day moving average
CORN stuck within tight trading range
NATGAS closes within prior day's range after lackluster session
GOLD closes within previous day's range after lackluster session

Summary

With five out of the eight Commodity Markets closing higher today, the ones that stand out on the positive side are NATGAS gaining 2.13% and CRUDE closing 1.36% higher. On the flipside the worst performers have been COFFEE closing -4.66% lower and SUGAR losing -0.46%.

One of today's most interesting market conditions in the Commodity Markets showed up in NATGAS: Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bearish for Natural Gas. Out of 758 times, NATGAS closed lower 51.45% 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 59.76% with an average market move of -0.66%. Read more

Commodity Markets Overviews

COFFEE 117.70 -5.75 (-4.66%) COFFEE finished the week 4.95% higher at 117.70 after tanking $5.75 (-4.66%) today. This is the biggest single-day loss in over two months. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 121.15, the market confirmed its breakout through the prior session low after trading up to $4.40 below it intraday. Read more
CRUDE 42.47 0.57 (1.36%) Moving higher for the 3rd day in a row, CRUDE ended the week 5.36% higher at 42.47 after gaining $0.57 (1.36%) today on low volume. Today's close at 42.47 marks the highest recorded closing price since September 1st. Closing above Thursday's high at 42.15, Oil confirmed its breakout through the prior session high after trading up to $0.39 above it intraday. Read more
WHEAT 599.25 -0.25 (-0.04%) Moving lower for the 2nd day in a row, WHEAT finished the week unchanged at 599.25 after edging lower $0.25 (-0.04%) 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 15.21 -0.07 (-0.46%) Moving lower for the 2nd day in a row, SUGAR ended the week 1.67% higher at 15.21 after losing $0.07 (-0.46%) today. Closing below Thursday's low at 15.22, the market confirmed its breakout through the previous session low after trading up to $0.35 below it intraday. Read more
SILVER 2,434.0 12.5 (0.52%) SILVER ended the week -2.16% lower at 2422.5 after gaining $12.5 (0.52%) today. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range. Read more
CORN 428.00 0.50 (0.12%) CORN finished the week 3.38% higher at 428.00 after edging higher $0.50 (0.12%) today. 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
NATGAS 2.782 0.058 (2.13%) NATGAS finished the week -10.86% lower at 2.782 after gaining $0.058 (2.13%) 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
GOLD 1,876.0 5.1 (0.27%) GOLD ended the week -0.99% lower at 1869.6 after gaining $5.1 (0.27%) today. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session. Read more

Detailed Reports

Daily technical analysis candlestick chart for Coffee (COFFEE) as at Nov 27, 2020
Nov 27, 2020
Daily technical analysis candlestick chart for Corn (CORN) as at Nov 27, 2020
Nov 27, 2020
Daily technical analysis candlestick chart for Silver (SILVER) as at Nov 27, 2020
Nov 27, 2020
Daily technical analysis candlestick chart for Sugar (SUGAR) as at Nov 27, 2020
Nov 27, 2020
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