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
    1.3697-0.0014-0.10%
    USDSGD=X
    1.5107-0.0019-0.13%
    EURSGD=X
    2.0879-0.0033-0.16%
    GBPSGD=X
    87.6023+0.00160.00%
    SGDJPY=X
    5.6624+0.0059+0.10%
    SGDHKD=X
    2.6689+0.0049+0.18%
    SGDMYR=X
    9,484.1758-19.8623-0.21%
    SGDIDR=X
    4.5728+0.0018+0.04%
    SGDCNY=X
    1.0680+0.001+0.09%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,198.20+2.00+0.17%
    GCJ15.CMX
    16.17+0.01+0.04%
    SIK15.CMX
    72.53-0.16-0.22%
    ^XAU
    2.650.00-0.09%
    HGK15.CMX
    51.16+0.40+0.79%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.57-0.03
    ^FVX
    2.11-0.01
    ^TNX
    2.720.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    1.035+0.030+2.99%
    N21.SI
    0.935-0.015-1.58%
    G13.SI
    3.40+0.01+0.29%
    ES3.SI
    100.007-0.008-0.01%
    41H.SI
    4.15+0.04+0.97%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.119+0.014+13.33%
    5CH.SI
    0.245+0.020+8.89%
    MR8.SI
    0.115+0.009+8.49%
    40E.SI
    0.25+0.01+4.17%
    5UZ.SI
    0.108+0.006+5.88%
    510.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.335-0.020-5.63%
    D03.SI
    0.12-0.01-6.25%
    5G2.SI
    0.55+0.02+3.77%
    B58.SI
    0.100.00-4.76%
    A18.SI
    1.205-0.045-3.60%
    S44.SI