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

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.36130.000.00%
    USDSGD=X
    1.5525-0.0005-0.04%
    EURSGD=X
    1.9644+0.00010.00%
    GBPSGD=X
    78.6785-0.0147-0.02%
    SGDJPY=X
    5.7011-0.0003-0.01%
    SGDHKD=X
    2.9380+0.0015+0.05%
    SGDMYR=X
    9,815.99020.000.00%
    SGDIDR=X
    4.7736-0.00010.00%
    SGDCNY=X
    1.0028-0.0001-0.01%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,289.70+17.40+1.37%
    GCM16.CMX
    17.50+0.18+1.03%
    SIN16.CMX
    88.53+3.38+3.97%
    ^XAU
    2.150.00-0.09%
    HGN16.CMX
    44.56+0.24+0.54%
    CLM16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.24+0.03
    ^FVX
    1.78+0.03
    ^TNX
    2.63+0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.405-0.020-4.71%
    N21.SI
    0.215+0.015+7.50%
    AFC.SI
    0.37-0.01-2.63%
    E5H.SI
    3.76-0.02-0.53%
    Z74.SI
    1.81-0.06-3.21%
    MC0.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.445+0.075+20.27%
    BLR.SI
    0.25+0.04+19.05%
    508.SI
    0.48+0.07+18.52%
    5DP.SI
    0.51+0.05+12.09%
    BMA.SI
    0.12+0.01+8.11%
    AVX.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.18-0.03-16.28%
    B26.SI
    0.24-0.04-14.29%
    BHO.SI
    0.245-0.035-12.50%
    5CF.SI
    0.225-0.025-10.00%
    A04.SI
    0.185-0.020-9.76%
    F86.SI