Commodity Technical Analysis: Crude Rally Unfolding in Impulsive Manner

Daily Bars

Commodity_Technical_Analysis_Crude_Rally_Unfolding_in_Impulsive_Manner_body_crude.png, Commodity Technical Analysis: Crude Rally Unfolding in Impulsive Manner

Chart Prepared by Jamie Saettele, CMT

Commodity Observations: Crude made a bullish JS Thrust today. The previous 2 bullish thrusts occurred on 6/29 and 8/3. In both instances, crude was coming off of lows and the thrusts ‘announced’ that a new bull move was underway. What’s more, the rally appears to be unfolding impulsively. One more high (above Tuesday’s high) would probably complete 5 waves up from Monday’s low and give way to a correction that lasts at least a day.

Commodity Trading Strategy Implications: Strength into the trendline on Wednesday would present an opportunity to short for a drop that corrects the rally from the Monday low.

LEVELS: 8588 8675 8770 8980 9044 9125

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4155-0.0013-0.09%
    USDSGD=X
    1.5255+0.0017+0.11%
    EURSGD=X
    1.7906+0.0029+0.16%
    GBPSGD=X
    79.9750-0.214-0.27%
    SGDJPY=X
    5.4769+0.0041+0.07%
    SGDHKD=X
    3.1208-0.0083-0.27%
    SGDMYR=X
    9,418.2207-21.8193-0.23%
    SGDIDR=X
    4.8577+0.005+0.10%
    SGDCNY=X
    1.0616+0.0011+0.10%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,177.80+2.80+0.24%
    GCZ16.CMX
    17.12-0.08-0.48%
    SIZ16.CMX
    82.57+0.42+0.51%
    ^XAU
    2.63-0.01-0.25%
    HGZ16.CMX
    49.91+0.14+0.28%
    CLF17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.80-0.04
    ^FVX
    2.35-0.05
    ^TNX
    3.03-0.05
    ^TYX