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
    1.3707-0.0003-0.02%
    USDSGD=X
    1.5120-0.0005-0.03%
    EURSGD=X
    2.0896-0.0016-0.08%
    GBPSGD=X
    87.5950-0.0057-0.01%
    SGDJPY=X
    5.6583+0.0018+0.03%
    SGDHKD=X
    2.6662+0.0023+0.09%
    SGDMYR=X
    9,506.1807+2.1426+0.02%
    SGDIDR=X
    4.5721+0.0011+0.02%
    SGDCNY=X
    1.0668-0.0001-0.01%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,199.40+3.20+0.27%
    GCJ15.CMX
    16.20+0.04+0.26%
    SIK15.CMX
    72.53-0.16-0.22%
    ^XAU
    2.650.00-0.08%
    HGK15.CMX
    51.02+0.26+0.51%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.57-0.03
    ^FVX
    2.11-0.01
    ^TNX
    2.720.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    100.015+0.0010.00%
    41H.SI
    0.139+0.004+2.96%
    5GB.SI
    0.280.000.00%
    5WA.SI
    0.41-0.02-3.53%
    E5H.SI
    0.95-0.01-1.55%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.22+0.03+15.79%
    B26.SI
    0.114+0.009+8.57%
    5TN.SI
    0.128+0.010+8.47%
    5G2.SI
    0.235+0.015+6.82%
    D79.SI
    0.695+0.035+5.30%
    TI6.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.11-0.02-14.73%
    5MD.SI
    0.61-0.06-9.63%
    O9E.SI
    0.20-0.02-9.09%
    B1N.SI
    0.21-0.02-8.70%
    5G1.SI
    0.305-0.025-7.58%
    T4B.SI