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
    1.2586+0.0005+0.04%
    USDSGD=X
    1.7412+0.0011+0.06%
    EURSGD=X
    2.1153+0.0015+0.07%
    GBPSGD=X
    81.2868-0.0053-0.01%
    SGDJPY=X
    6.1604-0.0022-0.04%
    SGDHKD=X
    2.6020+0.0037+0.14%
    SGDMYR=X
    9,215.5762-40.4502-0.44%
    SGDIDR=X
    4.9685+0.0016+0.03%
    SGDCNY=X
    1.1659+0.0006+0.05%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,292.00+1.40+0.11%
    GCM14.CMX
    19.58-0.11-0.55%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.120.00-0.02%
    HGK14.CMX
    101.75-0.19-0.19%
    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
    2.23+0.020+0.90%
    JS8.SI
    1.165+0.015+1.30%
    U6C.SI
    0.122-0.001-0.81%
    B22.SI
    1.34-0.015-1.11%
    G13.SI
    1.21-0.005-0.41%
    S53.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.165+0.013+8.55%
    5HH.SI
    0.21+0.020+10.53%
    F86.SI
    0.116+0.010+9.43%
    O2I.SI
    1.315+0.084+6.82%
    O9A.SI
    0.72+0.050+7.46%
    5DP.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.141-0.013-8.44%
    5GD.SI
    0.151-0.009-5.63%
    A03.SI
    0.29-0.010-3.33%
    O08.SI
    0.71-0.025-3.40%
    L02.SI
    0.205-0.005-2.38%
    5CH.SI