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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3705-0.0006-0.04%
    USDSGD=X
    1.4827-0.0081-0.54%
    EURSGD=X
    2.0389+0.0035+0.17%
    GBPSGD=X
    87.0936+0.1206+0.14%
    SGDJPY=X
    5.6578+0.0019+0.03%
    SGDHKD=X
    2.6894+0.0144+0.54%
    SGDMYR=X
    9,497.1973-4.9932-0.05%
    SGDIDR=X
    4.5386+0.0088+0.19%
    SGDCNY=X
    1.0680-0.0048-0.45%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,197.20-7.60-0.63%
    GCJ15.CMX
    17.00-0.14-0.82%
    SIK15.CMX
    68.39-1.10-1.58%
    ^XAU
    2.80-0.02-0.57%
    HGK15.CMX
    50.30-1.13-2.20%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.47+0.06
    ^FVX
    2.01+0.09
    ^TNX
    2.60+0.10
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.435+0.030+7.41%
    E5H.SI
    0.131+0.015+12.93%
    E13.SI
    0.167+0.004+2.45%
    5GB.SI
    0.285-0.005-1.72%
    5WA.SI
    0.945+0.015+1.61%
    N21.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.31+0.08+34.78%
    5PD.SI
    0.131+0.015+12.93%
    E13.SI
    0.255+0.025+10.87%
    D79.SI
    0.39+0.03+9.86%
    D03.SI
    0.435+0.030+7.41%
    E5H.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.135-0.007-4.93%
    K14.SI
    1.862-0.095-4.85%
    O9D.SI
    0.515-0.025-4.63%
    R07.SI
    0.22-0.01-4.35%
    M14.SI
    0.225-0.010-4.26%
    DU4.SI