(Last Updated August 6, 2020)
Welcome to the news page for Ethanol (DL1). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
As for trends on DL1, we’re seeing a downtrend on shorter timeframes — but an uptrend on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to buy for those interested in playing the longer term trend.
The moving averages on DL1 summarize its price action in an interesting way. Of the 20, 50, 100, and 200 day averages — three of them (all but the 50) — are bearish, implying a downward trend, save for a jump that occurred about 7 weeks ago. Moreover, today we saw the 50 moving average turn bullish.
The chart below illustrates.
At the moment, DL1’s price is down $-0.07 (-5.64%) from the week prior. Moreover, note that this is a reversal of the price action on the previous week, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the weekly chart exists on the 20 week timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 week moving average, resulting in them so that price is now turning below it. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. DL1’s weekly price action over the past 52 weeks can be seen via the chart below.
Out of the 6 instruments in the energy commodity asset class, ethanol ended up ranking 4th for the day in terms of price change relative to the previous day.
Ethanol outperformed all 6 assets in the energy commodity asset class since the last 4 hour candle.
Ethanol outperformed all 6 assets in the energy commodity asset class since the previous day.
Or to view things another way, note that out of the past 30 days ethanol’s price has gone up 17 them.
Those trading within the energy commodity asset class should know that ethanol was the worst performer in the class today.
On a relative basis, ethanol was the worst performer out of all 6 of the assets in the energy commodity asset class today.
Relative to other instruments in the energy commodity asset class, ethanol ranked 5th since the day prior in terms of percentage price change.
Out of the 6 instruments in the energy commodity asset class, ethanol ended up ranking 5th for the day in terms of price change relative to the previous day.
For additional context, note that price has gone down 9 out of the past 14 days.
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.