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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.170.00+3.03%
    N21.SI
    0.20+0.01+3.09%
    SK3.SI
    0.98-0.01-1.51%
    G13.SI
    0.425-0.015-3.41%
    E5H.SI
    0.3750.0000.00%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.30+0.07+30.43%
    BLZ.SI
    0.445+0.075+20.27%
    BLL.SI
    0.265+0.035+15.22%
    BQN.SI
    0.49+0.06+13.95%
    F03.SI
    0.188+0.017+9.94%
    KJ5.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.44-0.04-8.33%
    573.SI
    0.15-0.01-6.25%
    M11.SI
    0.30-0.02-6.25%
    BTG.SI
    0.26-0.02-5.45%
    C13.SI
    0.36-0.02-5.26%
    BBP.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4307+0.0067+0.47%
    USDSGD=X
    1.5086-0.0023-0.15%
    EURSGD=X
    1.7999+0.0102+0.57%
    GBPSGD=X
    80.4520+0.329+0.41%
    SGDJPY=X
    5.4224-0.0203-0.37%
    SGDHKD=X
    3.0934-0.0121-0.39%
    SGDMYR=X
    9,310.5107-23.3408-0.25%
    SGDIDR=X
    4.8249-0.0048-0.10%
    SGDCNY=X
    1.0674+0.0063+0.59%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,160.70-9.10-0.78%
    GCZ16.CMX
    17.020.00-0.03%
    SIZ16.CMX
    81.82-0.75-0.91%
    ^XAU
    2.65+0.03+1.09%
    HGZ16.CMX
    51.46+0.62+1.22%
    CLF17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.84+0.02
    ^FVX
    2.42+0.03
    ^TNX
    3.12+0.03
    ^TYX