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
    1.40860.000.00%
    USDSGD=X
    1.57190.000.00%
    EURSGD=X
    2.04290.000.00%
    GBPSGD=X
    82.9405-0.0142-0.02%
    SGDJPY=X
    5.5316-0.00010.00%
    SGDHKD=X
    2.95390.000.00%
    SGDMYR=X
    9,665.62890.000.00%
    SGDIDR=X
    4.6685+0.002+0.04%
    SGDCNY=X
    0.9951-0.0005-0.05%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,174.10+16.60+1.43%
    GCJ16.CMX
    15.03+0.18+1.21%
    SIH16.CMX
    55.30+2.68+5.09%
    ^XAU
    2.09-0.04-1.97%
    HGH16.CMX
    31.00-0.72-2.27%
    CLH16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.250.00
    ^FVX
    1.85-0.02
    ^TNX
    2.68-0.02
    ^TYX

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    N21.SI
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    Z74.SI
    1.68+0.05+3.07%
    MC0.SI
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    E5H.SI
    0.705+0.025+3.68%
    G13.SI
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    % Gainers
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    0.405+0.065+19.12%
    T4B.SI
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    Y06.SI
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    S9B.SI
    0.40+0.05+14.29%
    BJE.SI
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    NF6.SI
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