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
    1.3921-0.0048-0.34%
    USDSGD=X
    1.5678-0.0093-0.59%
    EURSGD=X
    2.0178-0.003-0.15%
    GBPSGD=X
    82.4493+0.0358+0.04%
    SGDJPY=X
    5.5998+0.0174+0.31%
    SGDHKD=X
    2.9686-0.0185-0.62%
    SGDMYR=X
    9,662.8086-66.5859-0.68%
    SGDIDR=X
    4.7230+0.0789+1.70%
    SGDCNY=X
    0.9872-0.001-0.11%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,188.00-10.60-0.88%
    GCJ16.CMX
    15.19-0.26-1.71%
    SIH16.CMX
    54.34-2.43-4.28%
    ^XAU
    2.02-0.02-1.18%
    HGH16.CMX
    28.58+0.64+2.29%
    CLH16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.150.00
    ^FVX
    1.73-0.01
    ^TNX
    2.55-0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.32-0.01-3.03%
    N21.SI
    1.65-0.03-1.79%
    MC0.SI
    3.67-0.03-0.81%
    Z74.SI
    0.685-0.020-2.84%
    G13.SI
    2.90-0.09-3.01%
    C31.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.20+0.04+25.00%
    5WR.SI
    62.06+7.42+13.58%
    NF6.SI
    0.385+0.035+10.00%
    AXJ.SI
    34.85+3.03+9.52%
    NF4.SI
    0.31+0.02+6.90%
    H19.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    1.34-0.41-23.43%
    5SR.SI
    0.142-0.027-15.98%
    B69.SI
    0.194-0.036-15.65%
    S9B.SI
    0.44-0.07-13.73%
    RQ1.SI
    3.40-0.45-11.69%
    H1O.SI