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
    1.3320-0.0005-0.04%
    USDSGD=X
    1.4848-0.0012-0.08%
    EURSGD=X
    2.0141-0.0008-0.04%
    GBPSGD=X
    90.1824+0.0211+0.02%
    SGDJPY=X
    5.8203+0.0022+0.04%
    SGDHKD=X
    2.6999+0.001+0.04%
    SGDMYR=X
    9,723.0010+3.624+0.04%
    SGDIDR=X
    4.6627+0.0026+0.06%
    SGDCNY=X
    1.0446+0.0003+0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,187.80+1.00+0.08%
    GCM15.CMX
    16.440.00+0.02%
    SIN15.CMX
    73.45+0.27+0.36%
    ^XAU
    2.91-0.01-0.26%
    HGN15.CMX
    58.90-0.03-0.05%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.50-0.01
    ^FVX
    2.13+0.02
    ^TNX
    2.87+0.04
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.290.000.00%
    5WA.SI
    0.41-0.01-2.38%
    E5H.SI
    0.855-0.010-1.16%
    N21.SI
    0.74+0.03+3.50%
    Y92.SI
    4.38-0.05-1.13%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.36+0.06+20.00%
    R14.SI
    0.12+0.02+17.65%
    E25.SI
    0.165+0.020+13.79%
    T19.SI
    0.755+0.090+13.53%
    41E.SI
    0.135+0.015+12.50%
    T77.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.15-0.05-25.00%
    E6A.SI
    0.089-0.017-16.04%
    Q0W.SI
    0.198-0.032-13.91%
    5RE.SI
    0.139-0.020-12.58%
    5IF.SI
    0.35-0.05-12.50%
    Y06.SI