Commodity Technical Analysis: Crude Inside Day Aids in Strategy

By Jamie Saettele, CMT | DailyFX – Fri, Nov 9, 2012 10:17 AM SGT

Daily Bars

Commodity_Technical_Analysis_Crude_Inside_Day_Aids_in_Strategy_body_crude.png, Commodity Technical Analysis: Crude Inside Day Aids in Strategy

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: “The emotional nature of the market in recent days is consistent with exhaustion however. Watch 8363 and the 100% extension just above 80 for market reactions.” An inside day formed today. Thursday’s price extremes can be used as points of reference to trade from.

Commodity Trading Strategy Implications: Exceeding Thursday’s high would warrant a bullish stance and dropping below Wednesday’s low would present an opportunity for bearish continuation against Thursday’s high.

LEVELS: 8073 8209 8363 8569 8740 8919

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Market Data

  • Currencies
    NamePriceChange% Chg
    1.2572-0.00-0.05%
    USDSGD=X
    1.6134-0.00-0.10%
    EURSGD=X
    1.9071-0.00-0.04%
    GBPSGD=X
    82.05930.35+0.43%
    SGDJPY=X
    6.1642-0.04-0.68%
    SGDHKD=X
    2.4038-0.00-0.15%
    SGDMYR=X
    7,760.8999-33.50-0.43%
    SGDIDR=X
    4.8886-0.03-0.62%
    SGDCNY=X
    1.2233-0.00-0.05%
    AUDSGD=X
    More Currencies »
  • Commodities
    NamePriceChange% Chg
    1,358.30-28.60-2.06%
    GCM13.CMX
    22.18-0.53-2.32%
    SIU13.CMX
    97.49-3.30-3.28%
    ^XAU
    3.320.03+0.77%
    HGN13.CMX
    96.020.86+0.90%
    CLM13.NYM
    More Commodities »
  • Bonds
    TreasuryYield (%)Yield Change
    0.830.06
    ^FVX
    1.950.08
    ^TNX
    3.160.08
    ^TYX
    More Bonds »

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