Commodity Technical Analysis: Crude Testing Late November Low

By Jamie Saettele, CMT | DailyFX – Tue, Dec 11, 2012 10:18 AM SGT

Daily Bars

Commodity_Technical_Analysis_Crude_Testing_Late_November_Low_body_crude.png, Commodity Technical Analysis: Crude Testing Late November Low

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “The trend has been down since September and it’s probably best to look lower since the November low as nothing more than consolidation before additional weakness.” IF crude can sustain a downside break then focus (probably later in the month) would shift to the 78.6% retracement of the rally from 7726 and channel support. Also keep an eye on former trendline resistance, which indicated support on 11/28.

Commodity Trading Strategy: 8550, the first target, has been hit. Now nearing the bottom of the range, reward/risk isn’t favorable for new positions. Bearish risk should be moved down to Monday’s high. Exceeding that level exposes bears to a run at 8745-8889.

LEVELS: 8221 8363 8454 8686 8745 8889

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Market Data

  • Currencies
    NamePriceChange% Chg
    1.2552-0.01-0.53%
    USDSGD=X
    1.6815-0.01-0.52%
    EURSGD=X
    1.9664-0.01-0.37%
    GBPSGD=X
    75.67460.09+0.12%
    SGDJPY=X
    6.17770.03+0.48%
    SGDHKD=X
    2.51020.01+0.40%
    SGDMYR=X
    7,893.396543.33+0.55%
    SGDIDR=X
    4.88360.02+0.51%
    SGDCNY=X
    1.19750.00+0.05%
    AUDSGD=X
    More Currencies »
  • Commodities
    NamePriceChange% Chg
    1,372.405.70+0.42%
    GCN13.CMX
    21.61-0.07-0.30%
    SIM13.CMX
    100.680.36+0.36%
    ^XAU
    3.13-0.02-0.78%
    HGM13.CMX
    98.480.04+0.04%
    CLN13.NYM
    More Commodities »
  • Bonds
    TreasuryYield (%)Yield Change
    1.060.01
    ^FVX
    2.180.00
    ^TNX
    3.32-0.02
    ^TYX
    More Bonds »

MARKET MOVERS

  • Most Actives
    NamePriceChange% Chg
    0.151-0.00-0.66%
    I26.SI
    0.1230.00+2.50%
    A15.SI
    0.1570.00+1.29%
    5GC.SI
    0.5850.02+4.46%
    GJ8.SI
    3.69-0.08-2.12%
    Z74.SI
    More Most Actives »
  • % Gainers
    NamePriceChange% Chg
    0.170.02+13.33%
    CL7.SI
    0.160.02+10.34%
    595.SI
    0.150.01+10.29%
    D08.SI
    0.2350.02+9.30%
    C3T.SI
    0.120.01+9.09%
    V69.SI
    More % Gainers »
  • % Losers
    NamePriceChange% Chg
    0.194-0.03-11.82%
    5RA.SI
    0.106-0.01-10.17%
    5FF.SI
    1.67-0.11-6.18%
    GZ9.SI
    0.10-0.00-4.76%
    C06.SI
    0.30-0.01-4.76%
    S85.SI
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