Commodity Technical Analysis: Crude Inching Towards Fibonacci Resistance

Daily Bars

eliottWaves_oil_body_crude.png, Commodity Technical Analysis: Crude Inching Towards Fibonacci Resistance

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “The trend has been down since September and it’s probably best to look lower since the November low as nothing more than consolidation before additional weakness.” IF crude can sustain a downside break then focus (probably later in the month) would shift to the 78.6% retracement of the rally from 7726 and channel support. Also keep an eye on former trendline resistance, which indicated support on 11/28.

Commodity Trading Strategy: 8835/89 is estimated resistance to short into against 9031.

LEVELS: 8363 8454 8565 8835 8889 9031

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2568-0.0013-0.11%
    USDSGD=X
    1.7384-0.0018-0.10%
    EURSGD=X
    2.1123-0.0015-0.07%
    GBPSGD=X
    81.4638+0.1717+0.21%
    SGDJPY=X
    6.1690+0.0063+0.10%
    SGDHKD=X
    2.6038+0.0054+0.21%
    SGDMYR=X
    9,257.3818+1.3555+0.01%
    SGDIDR=X
    4.9791+0.0122+0.25%
    SGDCNY=X
    1.1649-0.0004-0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,291.60+1.00+0.08%
    GCM14.CMX
    19.54-0.15-0.75%
    SIK14.CMX
    91.62-1.25-1.35%
    ^XAU
    3.120.00+0.10%
    HGK14.CMX
    101.99+0.05+0.05%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.74+0.03
    ^FVX
    2.690.00
    ^TNX
    3.460.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    2.22+0.010+0.45%
    JS8.SI
    1.155+0.005+0.43%
    U6C.SI
    0.122-0.001-0.81%
    B22.SI
    1.34-0.015-1.11%
    G13.SI
    0.605-0.010-1.63%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    1.315+0.084+6.82%
    O9A.SI
    0.131+0.006+4.80%
    I9T.SI
    0.159+0.007+4.61%
    5HH.SI
    0.305+0.010+3.39%
    5UO.SI
    1.39+0.045+3.35%
    5DA.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.09-0.020-18.18%
    CL7.SI
    0.151-0.009-5.63%
    A03.SI
    0.70-0.035-4.76%
    L02.SI
    0.30-0.015-4.76%
    K29.SI
    0.205-0.010-4.65%
    510.SI