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
    1.2593+0.0012+0.10%
    USDSGD=X
    1.7419+0.0017+0.10%
    EURSGD=X
    2.1163+0.0025+0.12%
    GBPSGD=X
    81.2420-0.0501-0.06%
    SGDJPY=X
    6.1569-0.0057-0.09%
    SGDHKD=X
    2.6004+0.002+0.08%
    SGDMYR=X
    9,198.5703-57.4561-0.62%
    SGDIDR=X
    4.9678+0.0008+0.02%
    SGDCNY=X
    1.1685+0.0032+0.28%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,291.90+1.30+0.10%
    GCM14.CMX
    19.58-0.11-0.57%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.120.00+0.14%
    HGK14.CMX
    101.89-0.05-0.05%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    2.22+0.010+0.45%
    JS8.SI
    1.175+0.025+2.17%
    U6C.SI
    0.122-0.001-0.81%
    B22.SI
    1.335-0.020-1.48%
    G13.SI
    1.205-0.010-0.82%
    S53.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.21+0.020+10.53%
    F86.SI
    0.116+0.010+9.43%
    O2I.SI
    0.168+0.016+10.53%
    5HH.SI
    0.73+0.060+8.96%
    5DP.SI
    1.315+0.084+6.82%
    O9A.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.143-0.011-7.14%
    5GD.SI
    0.105+0.004+3.96%
    E9A.SI
    0.151-0.009-5.63%
    A03.SI
    0.30-0.015-4.76%
    K29.SI
    0.20-0.010-4.76%
    5CH.SI