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
    1.3461+0.0046+0.34%
    USDSGD=X
    1.4708-0.0024-0.16%
    EURSGD=X
    2.0744-0.0009-0.04%
    GBPSGD=X
    91.0435+0.4396+0.49%
    SGDJPY=X
    5.7594-0.0193-0.33%
    SGDHKD=X
    2.6958+0.0018+0.07%
    SGDMYR=X
    9,817.1406-11.4189-0.12%
    SGDIDR=X
    4.6087-0.0149-0.32%
    SGDCNY=X
    1.0506+0.001+0.09%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,194.40-9.60-0.80%
    GCM15.CMX
    16.78-0.27-1.59%
    SIN15.CMX
    71.25-0.60-0.84%
    ^XAU
    2.79-0.02-0.76%
    HGN15.CMX
    59.45-0.27-0.45%
    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
    0.330.00-1.49%
    AFC.SI
    0.193+0.012+6.63%
    5OU.SI
    0.290.000.00%
    5WA.SI
    0.172+0.004+2.38%
    F13.SI
    0.27+0.01+3.85%
    B0Z.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.25+0.06+31.58%
    41H.SI
    0.26+0.06+30.00%
    AYP.SI
    0.138+0.019+15.97%
    5IF.SI
    0.15+0.02+14.50%
    5TJ.SI
    0.915+0.110+13.66%
    NC9.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.20-0.05-20.00%
    5PD.SI
    0.135-0.015-10.00%
    5OY.SI
    0.185-0.020-9.76%
    41O.SI
    0.56-0.06-9.68%
    AXK.SI
    0.25-0.03-9.09%
    L02.SI