Commodity Technical Analysis: Crude Inching Towards Fibonacci Resistance

By Jamie Saettele, CMT | DailyFX – Tue, Dec 18, 2012 7:08 AM SGT

Daily Bars

eliottWaves_oil_body_crude.png, Commodity Technical Analysis: Crude Inching Towards Fibonacci Resistance

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: 8835/89 is estimated resistance to short into against 9031.

LEVELS: 8363 8454 8565 8835 8889 9031

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Market Data

  • Currencies
    NamePriceChange% Chg
    2.4038-0.00-0.15%
    SGDMYR=X
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    NamePriceChange% Chg
    1,358.30-28.60-2.06%
    GCM13.CMX
    22.20-0.45-2.00%
    SIN13.CMX
    97.49-3.30-3.28%
    ^XAU
    3.320.03+0.77%
    HGN13.CMX
    96.020.86+0.90%
    CLM13.NYM
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    I26.SI
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