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
    1.25230.000.00%
    USDSGD=X
    1.7313+0.0011+0.06%
    EURSGD=X
    2.1045+0.0004+0.02%
    GBPSGD=X
    81.8995+0.1172+0.14%
    SGDJPY=X
    6.1915-0.0005-0.01%
    SGDHKD=X
    2.5936+0.008+0.31%
    SGDMYR=X
    9,136.9492+18.0869+0.20%
    SGDIDR=X
    4.9754+0.0049+0.10%
    SGDCNY=X
    1.1686-0.0002-0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,286.40-7.50-0.58%
    GCM14.CMX
    19.31-0.29-1.46%
    SIK14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.04-0.01-0.16%
    HGK14.CMX
    103.22-0.15-0.15%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.114-0.001-0.87%
    B22.SI
    0.610.0000.00%
    E5H.SI
    2.190.0000.00%
    JS8.SI
    0.128+0.003+2.40%
    545.SI
    0.142+0.003+2.16%
    5GB.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.345+0.045+15.00%
    5DS.SI
    0.245+0.030+13.95%
    5UE.SI
    0.18+0.020+12.50%
    T16.SI
    0.195+0.016+8.94%
    CZ4.SI
    0.745+0.050+7.19%
    L02.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.123-0.013-9.56%
    5FI.SI
    0.158-0.012-7.06%
    5PF.SI
    0.13-0.009-6.47%
    A59.SI
    0.22-0.015-6.38%
    E94.SI
    0.56-0.030-5.08%
    G08.SI