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
    1.3702-0.0008-0.06%
    USDSGD=X
    1.5068-0.0058-0.38%
    EURSGD=X
    2.0846-0.0066-0.31%
    GBPSGD=X
    87.6307+0.03+0.03%
    SGDJPY=X
    5.6608+0.0043+0.08%
    SGDHKD=X
    2.6629-0.001-0.04%
    SGDMYR=X
    9,469.0781-34.96-0.37%
    SGDIDR=X
    4.5715+0.0005+0.01%
    SGDCNY=X
    1.0692+0.0022+0.21%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,196.20+0.10+0.01%
    GCJ15.CMX
    16.10-0.05-0.33%
    SIK15.CMX
    72.53-0.16-0.22%
    ^XAU
    2.64-0.01-0.51%
    HGK15.CMX
    50.93+0.17+0.33%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.57-0.03
    ^FVX
    2.11-0.01
    ^TNX
    2.720.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    100.007-0.008-0.01%
    41H.SI
    1.06+0.05+5.47%
    N21.SI
    0.93-0.02-2.11%
    G13.SI
    0.280.000.00%
    5WA.SI
    4.18+0.07+1.70%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.143+0.037+34.91%
    40E.SI
    0.168+0.020+13.51%
    S71.SI
    0.119+0.014+13.33%
    5CH.SI
    0.194+0.019+10.86%
    5OQ.SI
    0.195+0.018+10.17%
    T19.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.255-0.050-16.39%
    T4B.SI
    0.185-0.040-17.78%
    MR8.SI
    0.235-0.010-4.08%
    M14.SI
    0.12-0.02-11.11%
    P07.SI
    0.184-0.021-10.24%
    A55.SI