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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3742+0.0041+0.30%
    USDSGD=X
    1.4883-0.0034-0.23%
    EURSGD=X
    2.0307-0.0093-0.46%
    GBPSGD=X
    87.2911+0.3084+0.35%
    SGDJPY=X
    5.6441-0.015-0.27%
    SGDHKD=X
    2.7018+0.0163+0.61%
    SGDMYR=X
    9,510.9248-30.7236-0.32%
    SGDIDR=X
    4.5180-0.0144-0.32%
    SGDCNY=X
    1.0520-0.0075-0.71%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,183.50-16.30-1.36%
    GCJ15.CMX
    16.72-0.35-2.07%
    SIK15.CMX
    67.73-0.66-0.97%
    ^XAU
    2.78+0.01+0.34%
    HGK15.CMX
    48.38-0.49-1.00%
    CLK15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.42-0.05
    ^FVX
    1.96-0.05
    ^TNX
    2.54-0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.170.00+1.80%
    5GB.SI
    0.134+0.003+2.29%
    E13.SI
    0.2850.0000.00%
    5WA.SI
    0.144+0.003+2.13%
    5G9.SI
    0.77+0.02+3.36%
    Y92.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.18+0.02+13.92%
    M11.SI
    0.113+0.012+11.88%
    5MM.SI
    0.99+0.10+11.24%
    NC9.SI
    0.194+0.019+10.86%
    B69.SI
    0.22+0.02+10.00%
    5UF.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.089-0.021-19.09%
    5TN.SI
    0.335-0.050-12.99%
    5DS.SI
    0.112-0.015-11.81%
    5NV.SI
    0.123-0.016-11.51%
    P36.SI
    0.138-0.014-9.21%
    K2P.SI