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
    1.3629-0.0003-0.02%
    USDSGD=X
    1.4681+0.0002+0.01%
    EURSGD=X
    2.0214+0.0002+0.01%
    GBPSGD=X
    87.8051-0.0067-0.01%
    SGDJPY=X
    5.6881+0.001+0.02%
    SGDHKD=X
    2.6938+0.0005+0.02%
    SGDMYR=X
    9,511.0332+1.7832+0.02%
    SGDIDR=X
    4.5474+0.0005+0.01%
    SGDCNY=X
    1.0364+0.0001+0.01%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,203.70-4.50-0.37%
    GCM15.CMX
    16.93-0.12-0.73%
    SIK15.CMX
    68.90+3.40+5.19%
    ^XAU
    2.750.00-0.07%
    HGK15.CMX
    49.55+1.95+4.10%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.33-0.05
    ^FVX
    1.87-0.07
    ^TNX
    2.47-0.07
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.188+0.005+2.73%
    A50.SI
    0.2850.0000.00%
    5WA.SI
    0.915-0.005-0.54%
    N21.SI
    0.785+0.020+2.61%
    Y92.SI
    0.415-0.010-2.35%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.19+0.05+35.71%
    5RC.SI
    0.42+0.09+27.27%
    5UL.SI
    0.42+0.07+21.74%
    5DS.SI
    0.152+0.016+11.76%
    K2P.SI
    0.127+0.011+9.48%
    V69.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.141-0.029-17.06%
    40B.SI
    0.092-0.013-12.38%
    A18.SI
    0.13-0.02-12.16%
    L10.SI
    0.495-0.055-10.00%
    TI6.SI
    0.112-0.011-8.94%
    B32.SI