Commodity Technical Analysis: Crude Reverses Sharply After Poking Above 8700

Daily Bars

Commodity_Technical_Analysis_Crude_Reverses_Sharply_After_Poking_Above_8700_body_crude.png, Commodity Technical Analysis: Crude Reverses Sharply After Poking Above 8700

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Crude has quieted down significantly since the volatile back to back days on 11/6 and 11/7. The emotional nature of the market at that point is consistent with exhaustion but the probability of an important low being in place diminishes with the passage of time.

Commodity Trading Strategy: Exceeding 8919 would warrant a bullish stance. Until then, respect potential for a test of 8363 or 80. The latter level is the 61.8% extension of the decline from the March high.

LEVELS: 8073 8209 8454 8721 8840 8919

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2581+0.0027+0.21%
    USDSGD=X
    1.7396+0.0048+0.28%
    EURSGD=X
    2.1137+0.0071+0.34%
    GBPSGD=X
    81.3546-0.3193-0.39%
    SGDJPY=X
    6.1627-0.013-0.21%
    SGDHKD=X
    2.5987-0.0024-0.09%
    SGDMYR=X
    9,257.1270-42.5576-0.46%
    SGDIDR=X
    4.9675-0.0012-0.02%
    SGDCNY=X
    1.1652-0.0007-0.06%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,289.20+4.60+0.36%
    GCM14.CMX
    19.64+0.20+1.01%
    SIK14.CMX
    92.27-0.61-0.65%
    ^XAU
    3.12+0.06+2.06%
    HGK14.CMX
    101.91+0.47+0.46%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.70+0.01
    ^TNX
    3.48+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.123+0.001+0.82%
    B22.SI
    0.15+0.008+5.63%
    545.SI
    0.635+0.040+6.72%
    5WH.SI
    0.615+0.005+0.82%
    E5H.SI
    1.355+0.005+0.37%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    20.00+4.200+26.58%
    K6S.SI
    1.215+0.190+18.54%
    S53.SI
    0.415+0.045+12.16%
    570.SI
    1.345+0.130+10.70%
    5DA.SI
    0.154+0.014+10.00%
    5GD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.053-0.059-52.68%
    5TF.SI
    1.62-0.520-24.30%
    N02.SI
    0.20-0.020-9.09%
    E94.SI
    0.179-0.013-6.77%
    567.SI
    0.30-0.020-6.25%
    508.SI