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
    1.4166+0.0003+0.02%
    USDSGD=X
    1.5767+0.0015+0.10%
    EURSGD=X
    2.1604+0.0002+0.01%
    GBPSGD=X
    84.6180-0.1728-0.20%
    SGDJPY=X
    5.4710-0.0014-0.02%
    SGDHKD=X
    2.9903-0.0033-0.11%
    SGDMYR=X
    10,027.8135-72.8418-0.72%
    SGDIDR=X
    4.4872-0.0007-0.02%
    SGDCNY=X
    0.9911-0.0019-0.19%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,123.20-1.30-0.12%
    GCZ15.CMX
    14.67-0.04-0.25%
    SIZ15.CMX
    45.62-0.61-1.31%
    ^XAU
    2.37-0.02-0.73%
    HGZ15.CMX
    46.63-0.12-0.26%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.49-0.03
    ^FVX
    2.17-0.03
    ^TNX
    2.95-0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.154+0.002+1.32%
    F13.SI
    2.07-0.06-2.82%
    MC0.SI
    0.131-0.001-0.76%
    5DN.SI
    0.690.000.00%
    Y92.SI
    3.700.000.00%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.585+0.015+2.63%
    5VJ.SI
    0.126-0.004-3.08%
    5GJ.SI
    0.129+0.011+9.32%
    P13.SI
    0.154+0.002+1.32%
    F13.SI
    0.3850.0000.00%
    MS7.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.21-0.03-12.50%
    N08.SI
    0.550.000.00%
    AXZ.SI
    0.154-0.001-0.65%
    DU4.SI
    0.62-0.01-1.59%
    M1P.SI
    0.72-0.02-2.70%
    AVM.SI