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
    1.35330.000.00%
    USDSGD=X
    1.4981+0.0026+0.17%
    EURSGD=X
    1.7791-0.0076-0.43%
    GBPSGD=X
    77.7710-0.012-0.02%
    SGDJPY=X
    5.7297+0.0003+0.01%
    SGDHKD=X
    2.9916-0.0212-0.70%
    SGDMYR=X
    9,684.1787-31.041-0.32%
    SGDIDR=X
    4.9168-0.0105-0.21%
    SGDCNY=X
    1.0146+0.0013+0.13%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,341.30+6.80+0.51%
    GCZ16.CMX
    20.22+0.22+1.13%
    SIU16.CMX
    108.19+0.61+0.56%
    ^XAU
    2.21+0.03+1.26%
    HGU16.CMX
    41.13-0.79-1.88%
    CLU16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.09-0.01
    ^FVX
    1.510.00
    ^TNX
    2.230.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.36-0.01-4.00%
    E5H.SI
    0.51+0.02+5.15%
    5TP.SI
    0.315-0.030-8.70%
    5ME.SI
    0.166-0.003-1.78%
    N21.SI
    4.29-0.02-0.46%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.255+0.064+33.51%
    AZT.SI
    0.29+0.03+9.43%
    S71.SI
    0.235+0.020+9.30%
    S46.SI
    0.195+0.016+8.94%
    P36.SI
    0.955+0.075+8.52%
    5HJ.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.093-0.037-28.46%
    42D.SI
    0.215-0.065-23.21%
    BQN.SI
    0.103-0.030-22.56%
    BEZ.SI
    0.26-0.06-18.75%
    5UL.SI
    0.295-0.040-11.94%
    BBP.SI