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
    0.165+0.001+0.61%
    N21.SI
    0.158-0.004-2.47%
    40E.SI
    0.995-0.030-2.93%
    G13.SI
    0.375+0.010+2.74%
    5ME.SI
    0.194+0.010+5.43%
    SK3.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.38+0.09+33.33%
    BEH.SI
    0.16+0.02+14.29%
    40N.SI
    0.25+0.03+13.64%
    5UA.SI
    0.205+0.019+10.22%
    BHO.SI
    0.435+0.040+10.13%
    B58.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.265-0.095-26.39%
    BCD.SI
    0.17-0.05-24.44%
    42S.SI
    0.10-0.02-18.03%
    42U.SI
    0.10-0.02-16.67%
    UQ7.SI
    0.098-0.012-10.91%
    L02.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4241+0.0073+0.52%
    USDSGD=X
    1.5105-0.0133-0.87%
    EURSGD=X
    1.7910+0.0033+0.18%
    GBPSGD=X
    80.1630-0.026-0.03%
    SGDJPY=X
    5.4444-0.0284-0.52%
    SGDHKD=X
    3.1049-0.0242-0.77%
    SGDMYR=X
    9,344.1240-95.916-1.02%
    SGDIDR=X
    4.8287-0.024-0.49%
    SGDCNY=X
    1.0607+0.0002+0.02%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,170.10-4.90-0.42%
    GCZ16.CMX
    17.04-0.16-0.95%
    SIZ16.CMX
    82.27-0.31-0.37%
    ^XAU
    2.62-0.02-0.72%
    HGZ16.CMX
    50.64+0.87+1.75%
    CLF17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.83+0.03
    ^FVX
    2.40+0.05
    ^TNX
    3.09+0.07
    ^TYX