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
    1.3494-0.0024-0.18%
    USDSGD=X
    1.4912+0.007+0.47%
    EURSGD=X
    2.0995-0.0023-0.11%
    GBPSGD=X
    90.8930+0.6466+0.72%
    SGDJPY=X
    5.7454+0.0103+0.18%
    SGDHKD=X
    2.8218+0.0194+0.69%
    SGDMYR=X
    9,882.5449-6.498-0.07%
    SGDIDR=X
    4.6016+0.0102+0.22%
    SGDCNY=X
    1.0114+0.0005+0.05%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,163.20-1.40-0.12%
    GCV15.CMX
    15.58-0.04-0.24%
    SIZ15.CMX
    62.65+1.28+2.08%
    ^XAU
    2.53-0.10-3.93%
    HGU15.CMX
    54.73-2.20-3.86%
    CLQ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.65-0.06
    ^FVX
    2.39-0.02
    ^TNX
    3.190.00
    ^TYX

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  • Most Actives
    Most Actives
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    0.168+0.012+7.69%
    5DN.SI
    0.295-0.005-1.67%
    5WA.SI
    0.172-0.020-10.42%
    5GB.SI
    0.715-0.035-4.67%
    N21.SI
    0.905-0.005-0.55%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.335+0.085+34.00%
    Y06.SI
    0.335+0.030+9.84%
    UQ4.SI
    0.245+0.020+8.89%
    H64.SI
    0.595+0.045+8.18%
    AWK.SI
    0.168+0.012+7.69%
    5DN.SI
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    % Losers
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    0.192-0.048-20.00%
    MR8.SI
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    5PO.SI
    0.151-0.019-11.18%
    K22.SI
    0.172-0.020-10.42%
    5GB.SI
    0.50-0.05-9.09%
    BAJ.SI