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
    1.3719-0.0045-0.33%
    USDSGD=X
    1.4743-0.0156-1.05%
    EURSGD=X
    2.0382+0.0005+0.03%
    GBPSGD=X
    87.4162+0.1269+0.15%
    SGDJPY=X
    5.6511+0.0168+0.30%
    SGDHKD=X
    2.7019+0.004+0.15%
    SGDMYR=X
    9,524.9746+8.4775+0.09%
    SGDIDR=X
    4.5181+0.0068+0.15%
    SGDCNY=X
    1.0458-0.0074-0.70%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,181.90-2.90-0.24%
    GCJ15.CMX
    16.60-0.07-0.44%
    SIK15.CMX
    65.56-0.96-1.44%
    ^XAU
    2.74-0.04-1.44%
    HGK15.CMX
    48.20-0.48-0.99%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.38-0.04
    ^FVX
    1.93-0.03
    ^TNX
    2.53-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.2850.0000.00%
    5WA.SI
    0.172+0.002+1.18%
    5GB.SI
    0.131-0.003-2.24%
    E13.SI
    0.183+0.016+9.58%
    A50.SI
    0.425-0.010-2.30%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.15+0.04+36.36%
    5IF.SI
    0.148+0.018+13.85%
    L10.SI
    0.155+0.018+13.14%
    K14.SI
    0.139+0.016+13.01%
    P36.SI
    0.169+0.019+12.67%
    5PI.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.11-0.03-23.61%
    5GF.SI
    0.22-0.03-12.00%
    O08.SI
    0.22-0.03-10.20%
    5WJ.SI
    0.116-0.013-10.08%
    V69.SI
    0.29-0.03-9.38%
    40U.SI