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
    1.3513-0.0005-0.04%
    USDSGD=X
    1.4491-0.0026-0.18%
    EURSGD=X
    2.0169-0.0005-0.02%
    GBPSGD=X
    88.5612+0.0203+0.02%
    SGDJPY=X
    5.7358+0.0023+0.04%
    SGDHKD=X
    2.6880+0.0033+0.12%
    SGDMYR=X
    9,579.2324-8.3711-0.09%
    SGDIDR=X
    4.5887+0.0021+0.04%
    SGDCNY=X
    1.0492+0.0064+0.61%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,199.50-3.60-0.30%
    GCM15.CMX
    15.93-0.08-0.49%
    SIK15.CMX
    71.22+0.01+0.02%
    ^XAU
    2.70-0.01-0.24%
    HGK15.CMX
    56.37-0.24-0.42%
    CLM15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.34+0.02
    ^FVX
    1.92+0.02
    ^TNX
    2.59+0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.875+0.005+0.57%
    N21.SI
    0.270.00-1.82%
    5TS.SI
    3.770.000.00%
    S63.SI
    1.43+0.01+1.06%
    BS6.SI
    4.34-0.01-0.23%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.31+0.04+14.81%
    40U.SI
    0.475+0.035+7.95%
    CH8.SI
    0.235+0.010+4.44%
    41H.SI
    0.255+0.005+2.00%
    AFC.SI
    0.270.00-1.82%
    5TS.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    1.485-0.265-15.14%
    F9D.SI
    1.645-0.195-10.60%
    K11.SI
    3.82-0.28-6.83%
    P34.SI
    8.96-0.40-4.27%
    BN4.SI
    0.116-0.005-4.13%
    C11.SI