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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.171-0.004-2.29%
    N21.SI
    0.1850.0000.00%
    40E.SI
    0.410.00-1.20%
    5ME.SI
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    5DM.SI
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    MC0.SI
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    % Gainers
    NamePriceChange% Chg
    0.20+0.03+17.65%
    BCV.SI
    0.35+0.05+16.67%
    AWC.SI
    0.415+0.035+9.21%
    J2T.SI
    0.87+0.07+8.75%
    AXV.SI
    0.197+0.015+8.24%
    P36.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.285-0.085-22.97%
    K29.SI
    0.094-0.026-21.67%
    J17.SI
    0.425-0.045-9.57%
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    Currencies
    NamePriceChange% Chg
    1.4165+0.0006+0.04%
    USDSGD=X
    1.5164+0.0001+0.01%
    EURSGD=X
    1.7560+0.0004+0.02%
    GBPSGD=X
    79.5620-0.016-0.02%
    SGDJPY=X
    5.4730-0.003-0.05%
    SGDHKD=X
    3.1492-0.0023-0.07%
    SGDMYR=X
    9,456.3691-5.6787-0.06%
    SGDIDR=X
    4.8360-0.0029-0.06%
    SGDCNY=X
    1.0707+0.0005+0.05%
    AUDSGD=X
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    NamePriceChange% Chg
    1,215.80+2.90+0.24%
    GCG17.CMX
    17.20+0.05+0.30%
    SIH17.CMX
    89.10+2.06+2.36%
    ^XAU
    2.62-0.01-0.38%
    HGH17.CMX
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    CLG17.NYM
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