Commodity Technical Analysis: Crude Spikes Through Fibonacci Level

Weekly Bars

Commodity_Technical_Analysis_Crude_Spikes_Through_Fibonacci_Level_body_crude.png, Commodity Technical Analysis: Crude Spikes Through Fibonacci Level

Chart Prepared by Jamie Saettele, CMT

Commodity Analysis: “Crude is nearing potentially significant resistance from the 61.8% retracement of the 10040-8404 decline at 9415 and trendline that extends off of the 2012 (February and September) highs. This area is reinforced by the 9/21 and 10/10 highs (already reached) and 8/30 low at 9393.” I wrote yesterday that “near term consolidation may compose a triangle, in which case a terminal thrust will complete at higher levels.” The terminal thrust may be underway. A measured objective comes in slightly above 96 but the trendline and long term Fibonacci level could impede gains at this level.

Commodity Trading Strategy: Nothing.

LEVELS: 9000 9150 9268 9477 9533 9719

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3536+0.0002+0.02%
    USDSGD=X
    1.4998+0.0043+0.29%
    EURSGD=X
    1.7818-0.0049-0.27%
    GBPSGD=X
    77.7860+0.0030.00%
    SGDJPY=X
    5.7283-0.0011-0.02%
    SGDHKD=X
    2.9904-0.0224-0.74%
    SGDMYR=X
    9,680.3965-34.8232-0.36%
    SGDIDR=X
    4.9149-0.0124-0.25%
    SGDCNY=X
    1.0158+0.0025+0.25%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,342.90+8.40+0.63%
    GCZ16.CMX
    20.25+0.26+1.30%
    SIU16.CMX
    107.74+0.15+0.14%
    ^XAU
    2.21+0.03+1.35%
    HGU16.CMX
    41.10-0.82-1.96%
    CLU16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.09-0.01
    ^FVX
    1.510.00
    ^TNX
    2.230.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.36-0.01-4.00%
    E5H.SI
    0.51+0.02+5.15%
    5TP.SI
    0.315-0.030-8.70%
    5ME.SI
    0.166-0.003-1.78%
    N21.SI
    4.29-0.02-0.46%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.255+0.064+33.51%
    AZT.SI
    0.29+0.03+9.43%
    S71.SI
    0.235+0.020+9.30%
    S46.SI
    0.195+0.016+8.94%
    P36.SI
    0.955+0.075+8.52%
    5HJ.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.093-0.037-28.46%
    42D.SI
    0.215-0.065-23.21%
    BQN.SI
    0.103-0.030-22.56%
    BEZ.SI
    0.26-0.06-18.75%
    5UL.SI
    0.295-0.040-11.94%
    BBP.SI