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
    1.3708+0.0018+0.13%
    USDSGD=X
    1.5040+0.001+0.07%
    EURSGD=X
    2.1382+0.0024+0.11%
    GBPSGD=X
    90.4318-0.1383-0.15%
    SGDJPY=X
    5.6525-0.0095-0.17%
    SGDHKD=X
    2.7832-0.0026-0.09%
    SGDMYR=X
    9,822.7354-30.8154-0.31%
    SGDIDR=X
    4.5278-0.0069-0.15%
    SGDCNY=X
    0.9998+0.0017+0.17%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,096.30+3.70+0.34%
    GCQ15.CMX
    14.81+0.07+0.45%
    SIU15.CMX
    48.37+0.90+1.91%
    ^XAU
    2.410.00+0.15%
    HGU15.CMX
    48.87+0.08+0.16%
    CLU15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.61+0.02
    ^FVX
    2.28+0.03
    ^TNX
    2.99+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.3150.0000.00%
    5WA.SI
    0.136-0.005-3.55%
    5DN.SI
    0.325-0.015-4.41%
    E5H.SI
    0.88+0.05+6.02%
    5ME.SI
    0.37+0.04+12.12%
    Y35.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.36+0.06+18.03%
    UD2.SI
    0.134+0.018+15.52%
    40F.SI
    0.50+0.06+12.36%
    BAZ.SI
    0.37+0.04+12.12%
    Y35.SI
    1.12+0.12+12.00%
    AXL.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.23-0.05-17.86%
    AWS.SI
    0.24-0.05-17.24%
    E94.SI
    0.30-0.03-10.45%
    B49.SI
    0.127-0.012-8.63%
    5WH.SI
    0.14-0.01-7.89%
    583.SI