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
    1.3543-0.0035-0.26%
    USDSGD=X
    1.5562-0.0034-0.22%
    EURSGD=X
    1.9664-0.0023-0.12%
    GBPSGD=X
    79.0428+0.2423+0.31%
    SGDJPY=X
    5.7300+0.0129+0.23%
    SGDHKD=X
    2.9551-0.0095-0.32%
    SGDMYR=X
    9,842.5059-9.8633-0.10%
    SGDIDR=X
    4.8007+0.0169+0.35%
    SGDCNY=X
    1.0164+0.0036+0.36%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,283.00+8.60+0.67%
    GCM16.CMX
    17.49+0.19+1.09%
    SIN16.CMX
    83.27-3.96-4.54%
    ^XAU
    2.18-0.01-0.25%
    HGN16.CMX
    44.74+0.96+2.19%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.24-0.02
    ^FVX
    1.78-0.02
    ^TNX
    2.64-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.4250.0000.00%
    N21.SI
    0.485+0.035+7.78%
    42R.SI
    0.380.00-1.30%
    E5H.SI
    3.77+0.01+0.27%
    Z74.SI
    0.775+0.005+0.65%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.325+0.040+14.04%
    B49.SI
    0.425+0.030+7.59%
    42W.SI
    0.215+0.015+7.50%
    S71.SI
    0.24+0.03+14.29%
    Y35.SI
    0.485+0.035+7.78%
    42R.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.20-0.02-11.11%
    L38.SI
    0.20-0.02-6.98%
    AWI.SI
    0.183-0.013-6.63%
    BDN.SI
    0.175-0.010-5.41%
    AWQ.SI
    0.265-0.015-5.36%
    A30.SI