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
    1.3698+0.0008+0.06%
    USDSGD=X
    1.5025-0.0004-0.03%
    EURSGD=X
    2.1373+0.0015+0.07%
    GBPSGD=X
    90.6488+0.0787+0.09%
    SGDJPY=X
    5.6583-0.0036-0.06%
    SGDHKD=X
    2.7841-0.0017-0.06%
    SGDMYR=X
    9,822.8242-30.7266-0.31%
    SGDIDR=X
    4.5302-0.0044-0.10%
    SGDCNY=X
    1.0022+0.0041+0.42%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,094.70+2.10+0.19%
    GCQ15.CMX
    14.79+0.05+0.32%
    SIU15.CMX
    48.37+0.90+1.91%
    ^XAU
    2.41+0.01+0.29%
    HGU15.CMX
    48.89+0.10+0.20%
    CLU15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.61+0.02
    ^FVX
    2.28+0.03
    ^TNX
    2.99+0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.140.00+2.94%
    5DN.SI
    2.50+0.02+0.81%
    MC0.SI
    0.895+0.015+1.70%
    5ME.SI
    4.16-0.11-2.58%
    Z74.SI
    0.320.00-1.54%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.30+0.03+11.11%
    CZ4.SI
    0.47+0.03+8.05%
    5I3.SI
    0.28+0.02+7.69%
    S71.SI
    0.47+0.03+8.05%
    MS7.SI
    0.51+0.02+5.15%
    E02.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.415-0.040-8.79%
    BN2.SI
    0.58-0.05-7.94%
    UD3.SI
    0.21-0.02-6.67%
    S9B.SI
    0.107-0.007-6.14%
    CT1.SI
    5.05-0.30-5.61%
    B61.SI