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
    1.3514+0.0046+0.34%
    USDSGD=X
    1.4983-0.0023-0.15%
    EURSGD=X
    2.1119-0.0044-0.21%
    GBPSGD=X
    91.0544+0.1797+0.20%
    SGDJPY=X
    5.7368-0.0185-0.32%
    SGDHKD=X
    2.7831-0.0062-0.22%
    SGDMYR=X
    9,881.6777-34.0752-0.34%
    SGDIDR=X
    4.5890-0.018-0.39%
    SGDCNY=X
    1.0364-0.0014-0.14%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,169.50-2.30-0.20%
    GCQ15.CMX
    15.61+0.03+0.19%
    SIU15.CMX
    62.59-0.56-0.88%
    ^XAU
    2.64+0.02+0.82%
    HGU15.CMX
    57.98-1.49-2.51%
    CLQ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.68+0.05
    ^FVX
    2.40+0.07
    ^TNX
    3.18+0.07
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.30+0.01+1.69%
    5WA.SI
    0.755-0.005-0.66%
    N21.SI
    0.260.00+1.96%
    AFC.SI
    4.26+0.05+1.19%
    Z74.SI
    0.305-0.025-7.58%
    R14.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.22+0.05+27.91%
    AWR.SI
    0.194+0.040+25.97%
    AYE.SI
    2.40+0.48+25.00%
    S91.SI
    0.265+0.030+12.77%
    5PL.SI
    0.36+0.04+12.50%
    5NF.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.187-0.128-40.63%
    AZR.SI
    0.12-0.05-27.27%
    40R.SI
    1.18-0.43-26.71%
    AXL.SI
    0.88-0.20-18.52%
    AWG.SI
    0.41-0.09-18.00%
    BAJ.SI