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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3963-0.0005-0.03%
    USDSGD=X
    1.5773+0.0002+0.02%
    EURSGD=X
    2.0189-0.0019-0.10%
    GBPSGD=X
    82.2257-0.1878-0.23%
    SGDJPY=X
    5.5827+0.00030.00%
    SGDHKD=X
    2.9827-0.0044-0.15%
    SGDMYR=X
    9,732.5879+3.1934+0.03%
    SGDIDR=X
    4.7066+0.0625+1.35%
    SGDCNY=X
    0.9851-0.0032-0.32%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,191.10-7.50-0.63%
    GCJ16.CMX
    15.27-0.17-1.13%
    SIH16.CMX
    54.34-2.43-4.28%
    ^XAU
    2.040.00-0.12%
    HGH16.CMX
    28.45+0.51+1.83%
    CLH16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.150.00
    ^FVX
    1.73-0.01
    ^TNX
    2.55-0.01
    ^TYX

MARKET MOVERS