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
    1.3758+0.0067+0.49%
    USDSGD=X
    1.5008-0.0021-0.14%
    EURSGD=X
    2.1431+0.0073+0.34%
    GBPSGD=X
    90.3945-0.1756-0.19%
    SGDJPY=X
    5.6352-0.0268-0.47%
    SGDHKD=X
    2.7826-0.0032-0.12%
    SGDMYR=X
    9,827.9170-25.6338-0.26%
    SGDIDR=X
    4.5160-0.0186-0.41%
    SGDCNY=X
    1.0012+0.0031+0.31%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,090.60-2.30-0.21%
    GCV15.CMX
    14.78-0.01-0.04%
    SIZ15.CMX
    46.96-1.41-2.92%
    ^XAU
    2.40-0.02-0.99%
    HGG16.CMX
    48.94+0.15+0.31%
    CLU15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.63+0.03
    ^FVX
    2.27-0.01
    ^TNX
    2.96-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.52-0.07-11.86%
    N21.SI
    0.320.00-1.54%
    E5H.SI
    0.139+0.003+2.21%
    5DN.SI
    0.310.00-1.59%
    5WA.SI
    0.915+0.035+3.98%
    5ME.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.199+0.049+32.67%
    5MQ.SI
    0.45+0.09+25.00%
    K1Q.SI
    0.65+0.09+16.07%
    L5I.SI
    0.295+0.035+13.46%
    PA3.SI
    0.445+0.050+12.66%
    42C.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.38-0.11-22.45%
    AZT.SI
    0.128-0.018-12.33%
    5TJ.SI
    0.52-0.07-11.86%
    N21.SI
    0.16-0.02-11.11%
    AVX.SI
    0.39-0.05-10.34%
    5I3.SI