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
    1.3483+0.0068+0.51%
    USDSGD=X
    1.4698-0.0033-0.23%
    EURSGD=X
    2.0781+0.0028+0.13%
    GBPSGD=X
    90.9219+0.3181+0.35%
    SGDJPY=X
    5.7494-0.0294-0.51%
    SGDHKD=X
    2.6875-0.0066-0.24%
    SGDMYR=X
    9,802.6865-25.873-0.26%
    SGDIDR=X
    4.6038-0.0199-0.43%
    SGDCNY=X
    1.0490-0.0006-0.06%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,196.80-7.20-0.60%
    GCM15.CMX
    16.85-0.20-1.15%
    SIN15.CMX
    71.25-0.60-0.84%
    ^XAU
    2.810.00+0.02%
    HGN15.CMX
    59.44-0.28-0.47%
    CLN15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.56+0.05
    ^FVX
    2.21+0.03
    ^TNX
    2.99+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.3350.0000.00%
    AFC.SI
    0.194+0.013+7.18%
    5OU.SI
    0.290.000.00%
    5WA.SI
    0.176+0.008+4.76%
    F13.SI
    0.27+0.01+3.85%
    B0Z.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.26+0.06+30.00%
    AYP.SI
    0.138+0.019+15.97%
    5IF.SI
    0.915+0.110+13.66%
    NC9.SI
    0.179+0.019+11.88%
    5PI.SI
    0.138+0.012+9.52%
    40E.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.255-0.445-63.57%
    AXH.SI
    0.097-0.013-11.82%
    J8O.SI
    0.135-0.015-10.00%
    5OY.SI
    0.18-0.02-10.00%
    5UF.SI
    0.56-0.06-9.68%
    AXK.SI