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
    1.3750+0.0014+0.10%
    USDSGD=X
    1.5389+0.0016+0.10%
    EURSGD=X
    2.0163+0.0017+0.09%
    GBPSGD=X
    79.8073-0.1024-0.13%
    SGDJPY=X
    5.6482-0.0064-0.11%
    SGDHKD=X
    2.9539-0.0031-0.11%
    SGDMYR=X
    9,865.4551-4.9541-0.05%
    SGDIDR=X
    4.7716-0.0005-0.01%
    SGDCNY=X
    0.9931+0.0008+0.08%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,221.50+1.10+0.09%
    GCM16.CMX
    16.28-0.06-0.35%
    SIN16.CMX
    82.12-0.10-0.12%
    ^XAU
    2.11+0.01+0.33%
    HGN16.CMX
    49.09-0.39-0.79%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.34-0.06
    ^FVX
    1.82-0.05
    ^TNX
    2.63-0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.30-0.01-3.23%
    N21.SI
    0.880.00-0.56%
    Y92.SI
    0.74+0.03+4.23%
    G13.SI
    3.90+0.04+1.04%
    Z74.SI
    1.795+0.020+1.13%
    MC0.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.245+0.030+13.95%
    F86.SI
    0.34+0.03+11.48%
    F03.SI
    0.44+0.03+6.02%
    P19.SI
    0.37+0.02+5.71%
    L5I.SI
    0.30+0.02+5.26%
    I85.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.50-0.15-23.08%
    N0Z.SI
    0.425-0.100-19.05%
    AWE.SI
    0.22-0.04-15.38%
    BKZ.SI
    0.145-0.019-11.59%
    5G1.SI
    0.945-0.080-7.80%
    AYN.SI