Commodity Technical Analysis: Crude Respects Resistance Line Once Again

Daily Bars

Commodity_Technical_Analysis_Crude_Respects_Resistance_Line_Once_Again_body_crude.png, Commodity Technical Analysis: Crude Respects Resistance Line Once Again

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: Crude has reached the 61.8% retracement of the 10040-8404 decline at 9415 and trendline that extends off of the 2012 (February and September) highs. The level is reinforced by highs in October. The rally is certainly stretched and this well-defined resistance level would be a good place for a top. Weakness below Friday’s low would be a good start for bears.

Commodity Trading Strategy: Weakness below 9264 would warrant a bearish bias.

LEVELS: 9051 9146 9264 9477 9541 9719

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2560+0.0006+0.05%
    USDSGD=X
    1.7362+0.0015+0.08%
    EURSGD=X
    2.1083+0.0017+0.08%
    GBPSGD=X
    81.5558-0.1181-0.14%
    SGDJPY=X
    6.1729-0.0027-0.04%
    SGDHKD=X
    2.5984-0.0027-0.10%
    SGDMYR=X
    9,259.9229-39.7617-0.43%
    SGDIDR=X
    4.9666-0.0021-0.04%
    SGDCNY=X
    1.1669+0.001+0.09%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,286.60+2.00+0.16%
    GCM14.CMX
    19.47+0.03+0.14%
    SIK14.CMX
    92.88+1.82+2.00%
    ^XAU
    3.07+0.01+0.20%
    HGK14.CMX
    101.68+0.24+0.24%
    CLM14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.71-0.03
    ^FVX
    2.69-0.04
    ^TNX
    3.47-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.149+0.007+4.93%
    545.SI
    0.121-0.001-0.82%
    B22.SI
    0.15+0.006+4.17%
    C68.SI
    0.635+0.040+6.72%
    5WH.SI
    1.36+0.010+0.74%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    18.50+2.700+17.09%
    K6S.SI
    0.255+0.015+6.25%
    5KI.SI
    1.305+0.090+7.41%
    5DA.SI
    0.17+0.012+7.59%
    5PF.SI
    0.15+0.010+7.14%
    5GD.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.052-0.060-53.57%
    5TF.SI
    1.61-0.530-24.77%
    N02.SI
    0.123-0.008-6.11%
    S71.SI
    0.2750.0000.00%
    5TN.SI
    0.235-0.015-6.00%
    L6T.SI