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
    1.3497-0.0021-0.16%
    USDSGD=X
    1.4915+0.0073+0.49%
    EURSGD=X
    2.0989-0.0029-0.14%
    GBPSGD=X
    90.8970+0.6507+0.72%
    SGDJPY=X
    5.7441+0.009+0.16%
    SGDHKD=X
    2.8212+0.0188+0.67%
    SGDMYR=X
    9,891.3086+2.2656+0.02%
    SGDIDR=X
    4.6004+0.0091+0.20%
    SGDCNY=X
    1.0115+0.0007+0.07%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,163.90-0.70-0.06%
    GCV15.CMX
    15.60-0.02-0.12%
    SIZ15.CMX
    62.65+1.28+2.08%
    ^XAU
    2.53-0.10-3.97%
    HGU15.CMX
    54.69-2.24-3.93%
    CLQ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.65-0.06
    ^FVX
    2.39-0.02
    ^TNX
    3.190.00
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.168+0.012+7.69%
    5DN.SI
    0.295-0.005-1.67%
    5WA.SI
    0.172-0.020-10.42%
    5GB.SI
    0.715-0.035-4.67%
    N21.SI
    0.905-0.005-0.55%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.335+0.085+34.00%
    Y06.SI
    0.335+0.030+9.84%
    UQ4.SI
    0.245+0.020+8.89%
    H64.SI
    0.595+0.045+8.18%
    AWK.SI
    0.168+0.012+7.69%
    5DN.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.192-0.048-20.00%
    MR8.SI
    0.091-0.018-16.51%
    5PO.SI
    0.151-0.019-11.18%
    K22.SI
    0.172-0.020-10.42%
    5GB.SI
    0.50-0.05-9.09%
    BAJ.SI