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
    1.3947-0.0021-0.15%
    USDSGD=X
    1.5745-0.0026-0.17%
    EURSGD=X
    2.0174-0.0034-0.17%
    GBPSGD=X
    82.0574-0.356-0.43%
    SGDJPY=X
    5.5873+0.0048+0.09%
    SGDHKD=X
    2.9839-0.0032-0.11%
    SGDMYR=X
    9,643.6523-85.7422-0.88%
    SGDIDR=X
    4.7143+0.0702+1.51%
    SGDCNY=X
    0.9830-0.0052-0.53%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,192.10-6.50-0.54%
    GCJ16.CMX
    15.26-0.19-1.22%
    SIH16.CMX
    54.34-2.43-4.28%
    ^XAU
    2.03-0.01-0.34%
    HGH16.CMX
    28.48+0.54+1.93%
    CLH16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.150.00
    ^FVX
    1.73-0.01
    ^TNX
    2.55-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.315-0.015-4.55%
    N21.SI
    3.62-0.08-2.16%
    Z74.SI
    1.615-0.065-3.87%
    MC0.SI
    0.68-0.02-3.55%
    G13.SI
    2.89-0.10-3.34%
    C31.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.22+0.06+37.50%
    5WR.SI
    0.40+0.06+17.65%
    MN5.SI
    62.06+7.42+13.58%
    NF6.SI
    0.188+0.018+10.59%
    D79.SI
    34.85+3.03+9.52%
    NF4.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    1.32-0.43-24.57%
    5SR.SI
    0.194-0.036-15.65%
    S9B.SI
    0.44-0.07-13.73%
    RQ1.SI
    3.40-0.45-11.69%
    H1O.SI
    0.36-0.04-10.00%
    BJE.SI