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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3792-0.0022-0.16%
    USDSGD=X
    1.5374-0.0015-0.10%
    EURSGD=X
    2.0227+0.0025+0.13%
    GBPSGD=X
    79.8794+0.2717+0.34%
    SGDJPY=X
    5.6294+0.0056+0.10%
    SGDHKD=X
    2.9721-0.0005-0.02%
    SGDMYR=X
    9,872.5469-3.3057-0.03%
    SGDIDR=X
    4.7628+0.0175+0.37%
    SGDCNY=X
    0.9942+0.0015+0.15%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,221.30-7.90-0.64%
    GCM16.CMX
    16.250.00+0.01%
    SIN16.CMX
    80.15-4.94-5.81%
    ^XAU
    2.08+0.02+0.73%
    HGN16.CMX
    49.17+0.55+1.13%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.40+0.02
    ^FVX
    1.86+0.02
    ^TNX
    2.64+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.3050.0000.00%
    N21.SI
    0.114+0.006+5.56%
    40E.SI
    0.715+0.005+0.70%
    G13.SI
    1.785+0.015+0.85%
    MC0.SI
    3.82+0.01+0.26%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.40+0.04+11.11%
    567.SI
    0.65+0.05+9.24%
    5TG.SI
    0.475+0.040+9.20%
    A26.SI
    0.39+0.03+8.33%
    42E.SI
    0.123+0.009+7.89%
    510.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.86-0.18-17.31%
    AWM.SI
    0.139-0.026-15.76%
    5WD.SI
    0.25-0.04-15.25%
    I06.SI
    0.29-0.03-9.38%
    BLU.SI
    0.80-0.07-8.05%
    BCX.SI