Commodity Technical Analysis: Crude Fails at Fibonacci Level Again

Daily Bars

eliottWaves_oil_body_crude.png, Commodity Technical Analysis: Crude Fails at Fibonacci Level Again

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.” The rally from 8519 (12/11 low) took out the November high before reversing again at Fibonacci resistance. The false break higher is bearish in its own right.

Commodity Trading Strategy: The pop above the November high stopped us out of shorts. It’s best to wait until next week before attempting anything again.

LEVELS: 8404 8519 8765 9051 9125 9200

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.

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
    1.2576+0.0022+0.17%
    USDSGD=X
    1.7381+0.0034+0.19%
    EURSGD=X
    2.1117+0.0051+0.24%
    GBPSGD=X
    81.4725-0.2014-0.25%
    SGDJPY=X
    6.1649-0.0107-0.17%
    SGDHKD=X
    2.5993-0.0018-0.07%
    SGDMYR=X
    9,247.4805-52.2041-0.56%
    SGDIDR=X
    4.9602-0.0085-0.17%
    SGDCNY=X
    1.1653-0.0006-0.05%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,270.80-13.80-1.07%
    GCM14.CMX
    19.05-0.39-2.00%
    SIK14.CMX
    92.88+1.82+2.00%
    ^XAU
    3.09+0.04+1.16%
    HGK14.CMX
    101.85+0.41+0.40%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.71-0.03
    ^FVX
    2.69-0.04
    ^TNX
    3.47-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.123+0.001+0.82%
    B22.SI
    0.15+0.008+5.63%
    545.SI
    0.635+0.040+6.72%
    5WH.SI
    0.615+0.005+0.82%
    E5H.SI
    1.355+0.005+0.37%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    20.00+4.200+26.58%
    K6S.SI
    1.215+0.190+18.54%
    S53.SI
    0.415+0.045+12.16%
    570.SI
    1.345+0.130+10.70%
    5DA.SI
    0.154+0.014+10.00%
    5GD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.053-0.059-52.68%
    5TF.SI
    1.62-0.520-24.30%
    N02.SI
    0.20-0.020-9.09%
    E94.SI
    0.179-0.013-6.77%
    567.SI
    0.30-0.020-6.25%
    508.SI