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
    1.3652+0.0021+0.16%
    USDSGD=X
    1.5271+0.0028+0.18%
    EURSGD=X
    2.0968-0.0054-0.26%
    GBPSGD=X
    87.9583+0.1474+0.17%
    SGDJPY=X
    5.6813-0.0076-0.13%
    SGDHKD=X
    2.6572+0.0043+0.16%
    SGDMYR=X
    9,516.9414-11.3428-0.12%
    SGDIDR=X
    4.5940-0.0023-0.05%
    SGDCNY=X
    1.0618-0.0019-0.18%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,207.30-5.80-0.48%
    GCJ15.CMX
    16.50-0.06-0.38%
    SIK15.CMX
    76.00-0.93-1.21%
    ^XAU
    2.70+0.01+0.30%
    HGK15.CMX
    50.33+0.57+1.15%
    CLJ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.56+0.06
    ^FVX
    2.06+0.06
    ^TNX
    2.66+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.945-0.030-3.08%
    N21.SI
    0.400.00-1.23%
    E5H.SI
    0.280.000.00%
    5WA.SI
    0.975-0.010-1.02%
    G13.SI
    4.24+0.02+0.47%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.184+0.072+64.29%
    A59.SI
    0.225+0.035+18.42%
    5WD.SI
    0.142+0.020+16.39%
    5IF.SI
    0.34+0.04+13.33%
    543.SI
    0.445+0.045+11.25%
    5FQ.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.117-0.148-55.85%
    F3V.SI
    0.385-0.095-19.79%
    A7S.SI
    0.345-0.085-19.77%
    T4B.SI
    0.30-0.05-14.29%
    Y06.SI
    0.12-0.02-13.04%
    T77.SI