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
    0.23+0.01+2.22%
    N21.SI
    0.35-0.03-7.89%
    5ME.SI
    0.118+0.004+3.51%
    AAJ.SI
    0.425-0.005-1.16%
    E5H.SI
    2.42+0.02+0.83%
    C52.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.169+0.064+60.95%
    BRS.SI
    0.395+0.105+36.21%
    AVX.SI
    0.41+0.06+15.49%
    BLL.SI
    0.275+0.035+14.58%
    I06.SI
    0.161+0.020+14.18%
    5TI.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.34-0.10-22.73%
    AYB.SI
    0.45-0.08-15.09%
    BLR.SI
    0.66-0.09-12.00%
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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4184+0.0009+0.06%
    USDSGD=X
    1.5052+0.0004+0.03%
    EURSGD=X
    1.7672+0.0119+0.68%
    GBPSGD=X
    79.7070+0.385+0.49%
    SGDJPY=X
    5.4694-0.0017-0.03%
    SGDHKD=X
    3.1431+0.0031+0.10%
    SGDMYR=X
    9,448.8193+14.9531+0.16%
    SGDIDR=X
    4.8480+0.0079+0.16%
    SGDCNY=X
    1.0896+0.0033+0.30%
    AUDSGD=X
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    Commodities
    NamePriceChange% Chg
    1,238.60-3.00-0.24%
    GCJ17.CMX
    18.05-0.03-0.16%
    SIH17.CMX
    92.56-1.90-2.01%
    ^XAU
    2.75+0.03+1.16%
    HGH17.CMX
    54.00+0.25+0.47%
    CLJ17.NYM
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    TreasuryYield (%)Yield Change
    1.91-0.03
    ^FVX
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    ^TNX
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