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

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
    0.161-0.002-1.23%
    N21.SI
    2.16+0.10+4.85%
    MC0.SI
    0.855-0.015-1.72%
    Y92.SI
    0.365+0.005+1.39%
    5ME.SI
    0.098-0.005-4.85%
    AAJ.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.125+0.020+19.05%
    5PF.SI
    0.27+0.04+14.89%
    42W.SI
    0.16+0.02+14.29%
    5G1.SI
    0.44+0.05+12.82%
    M05.SI
    0.285+0.030+11.76%
    BEH.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.035-0.125-78.12%
    42F.SI
    0.335-0.085-20.24%
    AWC.SI
    0.215-0.045-17.31%
    BQN.SI
    0.10-0.02-16.67%
    5MQ.SI
    0.49-0.06-10.91%
    BQD.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4185-0.0073-0.51%
    USDSGD=X
    1.5113-0.0085-0.56%
    EURSGD=X
    1.8022+0.0069+0.38%
    GBPSGD=X
    79.7320-0.30-0.37%
    SGDJPY=X
    5.4612+0.0239+0.44%
    SGDHKD=X
    3.1259-0.0034-0.11%
    SGDMYR=X
    9,527.7510+29.9395+0.32%
    SGDIDR=X
    4.8486+0.0224+0.46%
    SGDCNY=X
    1.0572-0.0002-0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,175.70+8.80+0.75%
    GCZ16.CMX
    16.75+0.32+1.94%
    SIZ16.CMX
    82.30+2.99+3.77%
    ^XAU
    2.62-0.01-0.36%
    HGZ16.CMX
    51.68+0.62+1.21%
    CLF17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.83-0.06
    ^FVX
    2.39-0.05
    ^TNX
    3.06-0.03
    ^TYX