Commodity Technical Analysis: Crude Consolidation Tightens

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
    Currencies
    NamePriceChange% Chg
    1.3655+0.0024+0.18%
    USDSGD=X
    1.5251+0.0008+0.05%
    EURSGD=X
    2.1041+0.0019+0.09%
    GBPSGD=X
    87.7597-0.0511-0.06%
    SGDJPY=X
    5.6785-0.0103-0.18%
    SGDHKD=X
    2.6481-0.0048-0.18%
    SGDMYR=X
    9,496.7324-31.5518-0.33%
    SGDIDR=X
    4.6014+0.0051+0.11%
    SGDCNY=X
    1.0628-0.0009-0.08%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,213.10+4.60+0.38%
    GCJ15.CMX
    16.560.00-0.02%
    SIK15.CMX
    76.94+1.10+1.45%
    ^XAU
    2.69-0.01-0.24%
    HGK15.CMX
    49.76+1.35+2.80%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.50-0.02
    ^FVX
    2.00-0.01
    ^TNX
    2.60-0.01
    ^TYX

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