Ethanol 4 Hour Price Update
Updated July 23, 2020 11:08 AM GMT (07:08 AM EST)
Ethanol’s 3 four-hour candle negative streak has officially concluded, as the candle from the previous 4 hours closed up 12.87% ($0.13). Ethanol outperformed all 6 assets in the energy commodity asset class since the previous 4 hours.
Ethanol Daily Price Recap
Ethanol’s 3 day negative streak has officially concluded, as the candle from the day prior closed up 12.87% ($0.13). On a relative basis, today was pretty good: Ethanol bested all 6 of the assets in the energy commodity class 🙂 The daily price chart of Ethanol below illustrates.
Ethanol Technical Analysis
Moving average crossovers are always interesting, so let’s start there: Ethanol crossed above its 100 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 18 out of the past 30 days.