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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3827+0.0013+0.09%
    USDSGD=X
    1.5402+0.0012+0.08%
    EURSGD=X
    2.0198-0.0004-0.02%
    GBPSGD=X
    79.6402+0.0326+0.04%
    SGDJPY=X
    5.6173-0.0065-0.11%
    SGDHKD=X
    2.9790+0.0064+0.21%
    SGDMYR=X
    9,888.9980+13.1455+0.13%
    SGDIDR=X
    4.7426-0.0028-0.06%
    SGDCNY=X
    0.9920-0.0007-0.07%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,229.40+0.20+0.02%
    GCM16.CMX
    16.27+0.02+0.10%
    SIN16.CMX
    80.15-4.94-5.81%
    ^XAU
    2.08+0.01+0.70%
    HGN16.CMX
    49.18+0.56+1.15%
    CLN16.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.40+0.02
    ^FVX
    1.86+0.02
    ^TNX
    2.64+0.01
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.310.00+1.64%
    N21.SI
    3.86+0.05+1.31%
    Z74.SI
    0.800.00+0.63%
    QC7.SI
    0.370.00+1.37%
    E5H.SI
    0.715+0.005+0.70%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    1.24+0.20+18.66%
    C76.SI
    0.95+0.01+1.06%
    BCY.SI
    0.535-0.005-0.93%
    42R.SI
    21.85-0.05-0.23%
    G07.SI
    0.178+0.001+0.56%
    AFC.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    2.400.000.00%
    P34.SI
    1.395-0.085-5.74%
    M04.SI
    0.355-0.005-1.39%
    42E.SI
    2.18-0.02-0.91%
    H13.SI
    0.515+0.005+0.98%
    5CP.SI