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 MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.175-0.004-2.23%
    N21.SI
    0.415-0.005-1.19%
    5ME.SI
    2.58-0.07-2.64%
    MC0.SI
    0.42-0.01-2.33%
    E5H.SI
    0.105-0.004-3.67%
    43E.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.17+0.05+39.34%
    BCV.SI
    0.295+0.045+18.00%
    E28.SI
    0.47+0.06+16.05%
    BTF.SI
    0.23+0.02+9.52%
    40D.SI
    0.395+0.030+8.22%
    BLR.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.165-0.035-17.50%
    K22.SI
    0.095-0.016-14.41%
    42U.SI
    0.176-0.029-14.15%
    BTJ.SI
    0.22-0.03-12.00%
    BJD.SI
    0.22-0.03-10.20%
    B49.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4302+0.0044+0.31%
    USDSGD=X
    1.5145-0.0016-0.11%
    EURSGD=X
    1.7222-0.0113-0.65%
    GBPSGD=X
    79.8170-0.18-0.20%
    SGDJPY=X
    5.4200-0.0126-0.23%
    SGDHKD=X
    3.1217-0.0053-0.17%
    SGDMYR=X
    9,345.2832-25.6592-0.27%
    SGDIDR=X
    4.8237-0.0109-0.23%
    SGDCNY=X
    1.0690+0.0004+0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,202.80+3.00+0.25%
    GCG17.CMX
    16.86+0.03+0.21%
    SIH17.CMX
    87.04+0.81+0.94%
    ^XAU
    2.69+0.02+0.56%
    HGH17.CMX
    52.56-0.45-0.85%
    CLG17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.88+0.02
    ^FVX
    2.38+0.02
    ^TNX
    2.98+0.02
    ^TYX