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
    1.3692-0.0018-0.13%
    USDSGD=X
    1.4885-0.0022-0.15%
    EURSGD=X
    2.0369+0.0015+0.07%
    GBPSGD=X
    87.0559+0.0829+0.10%
    SGDJPY=X
    5.6629+0.007+0.12%
    SGDHKD=X
    2.6889+0.0139+0.52%
    SGDMYR=X
    9,515.6396+13.4492+0.14%
    SGDIDR=X
    4.5390+0.0091+0.20%
    SGDCNY=X
    1.0617-0.0111-1.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,197.20-7.60-0.63%
    GCJ15.CMX
    16.99-0.15-0.88%
    SIK15.CMX
    67.53-0.86-1.25%
    ^XAU
    2.77-0.04-1.37%
    HGK15.CMX
    50.10-1.33-2.59%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.42-0.05
    ^FVX
    1.96-0.04
    ^TNX
    2.55-0.05
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.435+0.030+7.41%
    E5H.SI
    0.131+0.015+12.93%
    E13.SI
    0.167+0.004+2.45%
    5GB.SI
    0.285-0.005-1.72%
    5WA.SI
    0.945+0.015+1.61%
    N21.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.31+0.08+34.78%
    5PD.SI
    0.131+0.015+12.93%
    E13.SI
    0.255+0.025+10.87%
    D79.SI
    0.39+0.03+9.86%
    D03.SI
    0.435+0.030+7.41%
    E5H.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.135-0.007-4.93%
    K14.SI
    1.862-0.095-4.85%
    O9D.SI
    0.515-0.025-4.63%
    R07.SI
    0.22-0.01-4.35%
    M14.SI
    0.225-0.010-4.26%
    DU4.SI