Commodity Technical Analysis: Crude Testing Late November Low

Daily Bars

Commodity_Technical_Analysis_Crude_Testing_Late_November_Low_body_crude.png, Commodity Technical Analysis: Crude Testing Late November Low

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “The trend has been down since September and it’s probably best to look lower since the November low as nothing more than consolidation before additional weakness.” IF crude can sustain a downside break then focus (probably later in the month) would shift to the 78.6% retracement of the rally from 7726 and channel support. Also keep an eye on former trendline resistance, which indicated support on 11/28.

Commodity Trading Strategy: 8550, the first target, has been hit. Now nearing the bottom of the range, reward/risk isn’t favorable for new positions. Bearish risk should be moved down to Monday’s high. Exceeding that level exposes bears to a run at 8745-8889.

LEVELS: 8221 8363 8454 8686 8745 8889

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.36950.000.00%
    USDSGD=X
    1.49150.000.00%
    EURSGD=X
    2.03710.000.00%
    GBPSGD=X
    86.99160.000.00%
    SGDJPY=X
    5.66160.000.00%
    SGDHKD=X
    2.68670.000.00%
    SGDMYR=X
    9,545.84180.000.00%
    SGDIDR=X
    4.53440.000.00%
    SGDCNY=X
    1.06150.000.00%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,199.80-6.50-0.54%
    GCJ15.CMX
    17.07-0.17-0.99%
    SIK15.CMX
    67.73-0.66-0.97%
    ^XAU
    2.77-0.05-1.78%
    HGK15.CMX
    48.43-3.00-5.83%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.42-0.06
    ^FVX
    1.95-0.06
    ^TNX
    2.53-0.07
    ^TYX

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  • 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
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    % Losers
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    0.135-0.007-4.93%
    K14.SI
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    O9D.SI
    0.515-0.025-4.63%
    R07.SI
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    M14.SI
    0.225-0.010-4.26%
    DU4.SI