Commodity Technical Analysis: Crude Inching Towards Fibonacci Level and Trendline

Weekly Bars

Commodity_Technical_Analysis_Crude_Inching_Towards_Fibonacci_Level_and_Trendline_body_crude.png, Commodity Technical Analysis: Crude Inching Towards Fibonacci Level and Trendline

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.”

Commodity Trading Strategy: After initially selling off sharply following the 1/3 inside day, crude is pressing the highs and focus is back on the mentioned Fibonacci level and trendline.

LEVELS: 8795 8996 9146 9415 9533 9719

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.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...

Explore Related Contents

 
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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.230.000.00%
    N21.SI
    0.106+0.002+1.92%
    5WA.SI
    0.40-0.03-5.88%
    E5H.SI
    0.153+0.002+1.32%
    5IF.SI
    0.114-0.004-3.39%
    AAJ.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.34+0.07+25.93%
    PA3.SI
    0.525+0.075+16.67%
    BLR.SI
    0.195+0.026+15.38%
    BRS.SI
    1.23+0.15+14.42%
    AYN.SI
    0.38+0.04+13.43%
    5CF.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.31-0.16-34.74%
    BCD.SI
    0.111-0.042-27.45%
    UV1.SI
    0.55-0.08-12.70%
    AWG.SI
    0.475-0.045-8.65%
    567.SI
    1.045-0.085-7.52%
    C76.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4207+0.00010.00%
    USDSGD=X
    1.4971+0.0007+0.05%
    EURSGD=X
    1.7724+0.0004+0.02%
    GBPSGD=X
    79.9880+0.012+0.02%
    SGDJPY=X
    5.4608-0.0004-0.01%
    SGDHKD=X
    3.1371-0.0002-0.01%
    SGDMYR=X
    9,443.6592-0.7559-0.01%
    SGDIDR=X
    4.8427-0.0004-0.01%
    SGDCNY=X
    1.0876-0.0024-0.22%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,236.00-2.90-0.23%
    GCJ17.CMX
    17.95-0.05-0.26%
    SIH17.CMX
    91.73-0.83-0.89%
    ^XAU
    2.740.00-0.11%
    HGH17.CMX
    54.35+0.02+0.04%
    CLJ17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.92+0.01
    ^FVX
    2.430.00
    ^TNX
    3.04+0.01
    ^TYX