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
    1.4145+0.0018+0.13%
    USDSGD=X
    1.5959-0.002-0.12%
    EURSGD=X
    2.1645+0.0023+0.11%
    GBPSGD=X
    84.6412+0.1156+0.14%
    SGDJPY=X
    5.4790-0.0071-0.13%
    SGDHKD=X
    2.9777+0.009+0.30%
    SGDMYR=X
    9,993.3193+53.4531+0.54%
    SGDIDR=X
    4.4920-0.0147-0.33%
    SGDCNY=X
    0.9907-0.0003-0.03%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,141.40+1.60+0.14%
    GCZ15.CMX
    14.59-0.03-0.21%
    SIZ15.CMX
    46.81-1.62-3.34%
    ^XAU
    2.310.00+0.22%
    HGZ15.CMX
    44.51-0.90-1.98%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.50-0.04
    ^FVX
    2.17-0.03
    ^TNX
    2.930.00
    ^TYX

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  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.133+0.005+3.91%
    5DN.SI
    0.310.00-1.59%
    5WA.SI
    0.535+0.015+2.88%
    N21.SI
    0.72+0.02+2.86%
    5ME.SI
    0.735-0.010-1.34%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.235+0.037+18.69%
    C10.SI
    0.128+0.018+16.36%
    T77.SI
    0.485+0.055+12.79%
    MN5.SI
    0.335+0.035+11.67%
    5VI.SI
    0.255+0.025+10.87%
    L38.SI
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    % Losers
    NamePriceChange% Chg
    0.105-0.033-23.91%
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    AXZ.SI
    0.17-0.03-15.00%
    5G1.SI
    0.094-0.016-14.55%
    F10.SI
    0.14-0.02-12.50%
    T19.SI