Commodity Technical Analysis: Crude Consolidation Tightens

By Jamie Saettele, CMT | DailyFX – Thu, Jan 10, 2013 1:34 PM SGT

Weekly Bars

Commodity_Technical_Analysis_Crude_Consolidation_Tightens_body_crude.png, Commodity Technical Analysis: Crude Consolidation Tightens

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “Crude is nearing potentially significant resistance from the 61.8% retracement of the 10040-8404 decline at 9415 and trendline that extends off of the 2012 (February and September) highs. This area is reinforced by the 9/21 and 10/10 highs (already reached) and 8/30 low at 9393.” Near term consolidation may compose a triangle, in which case a terminal thrust will complete at higher levels.

Commodity Trading Strategy: Nothing.

LEVELS: 8795 8996 9146 9415 9533 9719

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Market Data

  • Currencies
    NamePriceChange% Chg
    1.2561-0.01-0.46%
    USDSGD=X
    1.6830-0.01-0.43%
    EURSGD=X
    1.9664-0.01-0.37%
    GBPSGD=X
    75.62850.04+0.06%
    SGDJPY=X
    6.17450.03+0.43%
    SGDHKD=X
    2.50880.01+0.34%
    SGDMYR=X
    7,884.892634.82+0.44%
    SGDIDR=X
    4.88150.02+0.47%
    SGDCNY=X
    1.1931-0.00-0.32%
    AUDSGD=X
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  • Commodities
    NamePriceChange% Chg
    1,370.503.80+0.28%
    GCN13.CMX
    21.61-0.07-0.30%
    SIM13.CMX
    100.32
    ^XAU
    3.160.01+0.21%
    HGM13.CMX
    98.710.27+0.27%
    CLN13.NYM
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  • Bonds
    TreasuryYield (%)Yield Change
    1.05
    ^FVX
    2.18
    ^TNX
    3.34
    ^TYX
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MARKET MOVERS

  • Most Actives
    NamePriceChange% Chg
    0.151-0.00-0.66%
    I26.SI
    0.1230.00+2.50%
    A15.SI
    0.1570.00+1.29%
    5GC.SI
    0.5850.02+4.46%
    GJ8.SI
    3.69-0.08-2.12%
    Z74.SI
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    0.170.02+13.33%
    CL7.SI
    0.160.02+10.34%
    595.SI
    0.150.01+10.29%
    D08.SI
    0.2350.02+9.30%
    C3T.SI
    0.120.01+9.09%
    V69.SI
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    5RA.SI
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    5FF.SI
    1.67-0.11-6.18%
    GZ9.SI
    0.10-0.00-4.76%
    C06.SI
    0.30-0.01-4.76%
    S85.SI
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