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
    1.3654+0.0023+0.17%
    USDSGD=X
    1.5272+0.0029+0.19%
    EURSGD=X
    2.0969-0.0053-0.25%
    GBPSGD=X
    87.9715+0.1606+0.18%
    SGDJPY=X
    5.6807-0.0082-0.14%
    SGDHKD=X
    2.6570+0.0041+0.15%
    SGDMYR=X
    9,516.0332-12.251-0.13%
    SGDIDR=X
    4.5940-0.0023-0.05%
    SGDCNY=X
    1.0616-0.0021-0.20%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,208.70-4.40-0.36%
    GCJ15.CMX
    16.53-0.03-0.17%
    SIK15.CMX
    75.92-1.02-1.32%
    ^XAU
    2.70+0.01+0.26%
    HGK15.CMX
    50.60+0.84+1.69%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.56+0.06
    ^FVX
    2.07+0.06
    ^TNX
    2.66+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.945-0.030-3.08%
    N21.SI
    0.400.00-1.23%
    E5H.SI
    0.280.000.00%
    5WA.SI
    0.975-0.010-1.02%
    G13.SI
    4.24+0.02+0.47%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.184+0.072+64.29%
    A59.SI
    0.225+0.035+18.42%
    5WD.SI
    0.142+0.020+16.39%
    5IF.SI
    0.34+0.04+13.33%
    543.SI
    0.445+0.045+11.25%
    5FQ.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.117-0.148-55.85%
    F3V.SI
    0.385-0.095-19.79%
    A7S.SI
    0.345-0.085-19.77%
    T4B.SI
    0.30-0.05-14.29%
    Y06.SI
    0.12-0.02-13.04%
    T77.SI