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
    1.3505+0.002+0.15%
    USDSGD=X
    1.4495+0.0012+0.08%
    EURSGD=X
    2.0111+0.0013+0.06%
    GBPSGD=X
    88.4343+0.0102+0.01%
    SGDJPY=X
    5.7386-0.0087-0.15%
    SGDHKD=X
    2.6905-0.00010.00%
    SGDMYR=X
    9,595.3525-42.7744-0.44%
    SGDIDR=X
    4.5918-0.0057-0.12%
    SGDCNY=X
    1.0394-0.0026-0.25%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,195.90+2.20+0.18%
    GCM15.CMX
    15.97+0.08+0.51%
    SIK15.CMX
    71.20+0.26+0.36%
    ^XAU
    2.730.00+0.05%
    HGK15.CMX
    57.77-0.11-0.19%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.32+0.03
    ^FVX
    1.90+0.05
    ^TNX
    2.57+0.07
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    4.33-0.08-1.81%
    Z74.SI
    1.045+0.020+1.95%
    G13.SI
    0.875-0.010-1.13%
    N21.SI
    0.290.00-1.69%
    5WA.SI
    1.255+0.025+2.03%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.295+0.030+11.32%
    G10.SI
    0.515+0.030+6.19%
    P9D.SI
    0.26+0.01+6.12%
    I85.SI
    0.275+0.015+5.77%
    F86.SI
    1.56+0.08+5.41%
    T14.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.20-0.05-20.00%
    5WD.SI
    0.23-0.02-9.80%
    41H.SI
    0.215-0.010-4.44%
    ACW.SI
    0.37-0.03-6.33%
    5VP.SI
    0.118-0.006-4.84%
    5PO.SI