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
    1.3872-0.0044-0.31%
    USDSGD=X
    1.5666-0.003-0.19%
    EURSGD=X
    2.0182-0.0044-0.22%
    GBPSGD=X
    81.3479-0.1907-0.23%
    SGDJPY=X
    5.6147+0.014+0.25%
    SGDHKD=X
    2.9568-0.0079-0.27%
    SGDMYR=X
    9,656.2129-5.6758-0.06%
    SGDIDR=X
    4.7392+0.0163+0.34%
    SGDCNY=X
    0.9864-0.0011-0.11%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,207.40+12.80+1.07%
    GCJ16.CMX
    15.38+0.10+0.64%
    SIH16.CMX
    55.40+1.06+1.94%
    ^XAU
    2.00-0.03-1.28%
    HGH16.CMX
    27.00-0.45-1.64%
    CLH16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.15-0.01
    ^FVX
    1.70-0.02
    ^TNX
    2.53-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    3.62-0.04-1.09%
    Z74.SI
    0.315-0.010-3.08%
    N21.SI
    0.665-0.020-2.92%
    G13.SI
    1.615-0.015-0.92%
    MC0.SI
    0.3350.0000.00%
    5SO.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    62.06+7.42+13.58%
    NF6.SI
    0.23+0.02+9.52%
    5TP.SI
    34.85+3.03+9.52%
    NF4.SI
    45.85+3.25+7.63%
    LF2.SI
    10.13+0.66+6.97%
    I19.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.28-0.05-15.15%
    R07.SI
    0.23-0.03-13.21%
    F86.SI
    0.24-0.02-7.69%
    AXH.SI
    72.61-5.43-6.96%
    P2Q.SI
    0.134-0.010-6.94%
    T13.SI