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

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      Currencies
      NamePriceChange% Chg
      1.3587+0.0006+0.05%
      USDSGD=X
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      EURSGD=X
      1.7637+0.0065+0.37%
      GBPSGD=X
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      SGDIDR=X
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      SGDCNY=X
      1.0353+0.0003+0.03%
      AUDSGD=X
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      Commodities
      NamePriceChange% Chg
      1,342.70-2.00-0.15%
      GCZ16.CMX
      19.79-0.31-1.54%
      SIZ16.CMX
      95.76-3.02-3.05%
      ^XAU
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      CLV16.NYM
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