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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  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.145+0.002+1.40%
    5DM.SI
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    E5H.SI
    0.1360.0000.00%
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    5ME.SI
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    0.245+0.015+6.52%
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    0.56+0.04+6.67%
    BJE.SI
    0.44+0.02+4.76%
    5SO.SI
    0.225+0.010+4.65%
    I49.SI
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    % Losers
    NamePriceChange% Chg
    0.15-0.02-10.71%
    A04.SI
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    1.7660+0.0088+0.50%
    GBPSGD=X
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    SGDJPY=X
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