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
    1.3480-0.003-0.22%
    USDSGD=X
    1.4747+0.002+0.13%
    EURSGD=X
    2.0726-0.0016-0.08%
    GBPSGD=X
    91.7305+0.1536+0.17%
    SGDJPY=X
    5.7515+0.0092+0.16%
    SGDHKD=X
    2.6997+0.0029+0.11%
    SGDMYR=X
    9,791.7334+39.6768+0.41%
    SGDIDR=X
    4.5990+0.0095+0.21%
    SGDCNY=X
    1.0360-0.0084-0.81%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,189.90+3.40+0.29%
    GCQ15.CMX
    16.72+0.07+0.44%
    SIN15.CMX
    68.76+0.07+0.10%
    ^XAU
    2.770.00+0.14%
    HGN15.CMX
    57.52+0.01+0.02%
    CLN15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.53+0.01
    ^FVX
    2.130.00
    ^TNX
    2.88-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.193+0.018+10.29%
    F13.SI
    0.415-0.010-2.35%
    E5H.SI
    0.340.000.00%
    AFC.SI
    0.295+0.005+1.72%
    5WA.SI
    4.13-0.03-0.72%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.18+0.03+20.00%
    P36.SI
    0.126+0.012+10.53%
    510.SI
    0.193+0.018+10.29%
    F13.SI
    0.285+0.025+9.62%
    5SY.SI
    0.33+0.03+8.20%
    T18.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.20-0.05-20.00%
    502.SI
    0.15-0.02-11.76%
    5MQ.SI
    0.098-0.011-10.09%
    O2I.SI
    0.136-0.013-8.72%
    L10.SI
    0.315-0.035-10.00%
    AYL.SI