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
    1.3625-0.003-0.22%
    USDSGD=X
    1.5230-0.004-0.26%
    EURSGD=X
    2.0935-0.0042-0.20%
    GBPSGD=X
    87.8674-0.126-0.14%
    SGDJPY=X
    5.6917+0.0122+0.21%
    SGDHKD=X
    2.6651+0.006+0.22%
    SGDMYR=X
    9,532.8291+15.4258+0.16%
    SGDIDR=X
    4.6061+0.0121+0.26%
    SGDCNY=X
    1.0654+0.0057+0.54%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,220.00+6.90+0.57%
    GCJ15.CMX
    16.74+0.18+1.10%
    SIK15.CMX
    73.75-1.51-2.01%
    ^XAU
    2.71+0.02+0.65%
    HGK15.CMX
    49.23-0.53-1.07%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.61+0.04
    ^FVX
    2.12+0.04
    ^TNX
    2.71+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.415+0.015+3.75%
    E5H.SI
    100.012-0.0020.00%
    41H.SI
    1.01+0.06+6.88%
    N21.SI
    0.06-0.06-48.72%
    F3V.SI
    0.280.000.00%
    5WA.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.22+0.03+15.79%
    5RE.SI
    0.167+0.021+14.38%
    5OU.SI
    0.18+0.02+12.50%
    PH0.SI
    0.114+0.008+7.55%
    G31.SI
    0.179+0.012+7.19%
    T19.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.06-0.06-48.72%
    F3V.SI
    0.19-0.06-22.45%
    5TS.SI
    0.141-0.019-11.87%
    C3T.SI
    0.157-0.018-10.29%
    K6J.SI
    0.30-0.03-9.09%
    5VI.SI