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
    1.3802+0.0026+0.19%
    USDSGD=X
    1.5096+0.0005+0.03%
    EURSGD=X
    2.1501+0.0027+0.12%
    GBPSGD=X
    89.8696-0.1355-0.15%
    SGDJPY=X
    5.6169-0.0109-0.19%
    SGDHKD=X
    2.8008+0.0015+0.05%
    SGDMYR=X
    9,785.5576+4.7441+0.05%
    SGDIDR=X
    4.4977-0.0099-0.22%
    SGDCNY=X
    1.0040+0.0014+0.14%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,083.10-6.30-0.58%
    GCQ15.CMX
    14.49-0.07-0.49%
    SIZ15.CMX
    45.54-2.03-4.26%
    ^XAU
    2.340.00-0.19%
    HGU15.CMX
    45.82+0.26+0.57%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.51-0.03
    ^FVX
    2.15-0.05
    ^TNX
    2.86-0.07
    ^TYX

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