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
    1.33640.000.00%
    USDSGD=X
    1.4717-0.0121-0.81%
    EURSGD=X
    2.0688-0.024-1.15%
    GBPSGD=X
    90.9354+0.3337+0.37%
    SGDJPY=X
    5.8006-0.0014-0.02%
    SGDHKD=X
    2.6921+0.0003+0.01%
    SGDMYR=X
    9,834.5977+21.6562+0.22%
    SGDIDR=X
    4.6371-0.0006-0.01%
    SGDCNY=X
    1.0449-0.01-0.94%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,204.50+0.40+0.03%
    GCM15.CMX
    17.06-0.07-0.42%
    SIN15.CMX
    71.36-0.49-0.68%
    ^XAU
    2.80-0.05-1.67%
    HGN15.CMX
    59.84-0.88-1.45%
    CLN15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.56+0.05
    ^FVX
    2.21+0.03
    ^TNX
    2.99+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.295+0.070+31.11%
    AFC.SI
    0.290.000.00%
    5WA.SI
    0.180.00+2.27%
    5OU.SI
    0.215+0.005+2.38%
    5GB.SI
    0.830.000.00%
    N21.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    1.35+0.35+35.00%
    AYN.SI
    0.295+0.070+31.11%
    AFC.SI
    0.27+0.06+28.57%
    AVX.SI
    0.135+0.016+13.45%
    5IF.SI
    0.62+0.06+11.71%
    AWV.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.18-0.02-10.00%
    PH0.SI
    0.15-0.02-9.09%
    5IA.SI
    0.21-0.02-8.70%
    5G1.SI
    0.20-0.02-6.98%
    B1N.SI
    0.765-0.055-6.71%
    533.SI