Commodity Technical Analysis: Crude Testing Late November Low

Daily Bars

eliottWaves_oil_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
    1.2569-0.0012-0.10%
    USDSGD=X
    1.7389-0.0013-0.07%
    EURSGD=X
    2.1128-0.001-0.05%
    GBPSGD=X
    81.3370+0.0449+0.06%
    SGDJPY=X
    6.1691+0.0064+0.10%
    SGDHKD=X
    2.6019+0.0035+0.13%
    SGDMYR=X
    9,236.2295-19.7969-0.21%
    SGDIDR=X
    4.9768+0.0098+0.20%
    SGDCNY=X
    1.1655+0.0003+0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,293.80+3.20+0.25%
    GCM14.CMX
    19.57-0.12-0.62%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.11-0.01-0.19%
    HGK14.CMX
    101.58-0.36-0.35%
    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
    2.22+0.010+0.45%
    JS8.SI
    1.16+0.010+0.87%
    U6C.SI
    0.122-0.001-0.81%
    B22.SI
    1.255+0.040+3.29%
    S53.SI
    1.335-0.020-1.48%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.21+0.020+10.53%
    F86.SI
    0.167+0.015+9.87%
    5HH.SI
    0.116+0.010+9.43%
    O2I.SI
    0.715+0.045+6.72%
    5DP.SI
    1.315+0.084+6.82%
    O9A.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.145-0.009-5.84%
    5GD.SI
    0.15-0.009-5.66%
    5EL.SI
    0.151-0.009-5.63%
    A03.SI
    0.30-0.010-3.23%
    5IG.SI
    0.30-0.015-4.76%
    K29.SI