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
    1.3811+0.0033+0.24%
    USDSGD=X
    1.5396-0.0064-0.42%
    EURSGD=X
    2.0203+0.0249+1.25%
    GBPSGD=X
    79.6047+0.3261+0.41%
    SGDJPY=X
    5.6239-0.0134-0.24%
    SGDHKD=X
    2.9714+0.0036+0.12%
    SGDMYR=X
    9,884.5215+16.6162+0.17%
    SGDIDR=X
    4.7486-0.0089-0.19%
    SGDCNY=X
    0.9919-0.0033-0.33%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,231.50-20.00-1.60%
    GCM16.CMX
    16.30-0.13-0.78%
    SIN16.CMX
    81.56-3.53-4.15%
    ^XAU
    2.08+0.02+1.12%
    HGN16.CMX
    48.79+0.71+1.48%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.41+0.04
    ^FVX
    1.87+0.03
    ^TNX
    2.66+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    1.77-0.02-1.39%
    MC0.SI
    0.305-0.005-1.61%
    N21.SI
    0.89+0.03+3.49%
    Y92.SI
    0.71-0.01-1.39%
    G13.SI
    3.81-0.06-1.55%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.165+0.035+26.92%
    5WD.SI
    0.152+0.029+23.58%
    P74.SI
    0.99+0.08+8.79%
    AYN.SI
    0.335+0.025+8.06%
    5DO.SI
    0.45+0.03+7.14%
    544.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.15-0.05-26.83%
    BQI.SI
    0.665-0.135-16.87%
    AWE.SI
    0.235-0.035-12.96%
    BKW.SI
    0.111-0.014-11.20%
    569.SI
    0.124-0.013-9.49%
    ADP.SI