U.S. Markets closed

Commodity Technical Analysis: Crude Reverses Sharply

Jamie Saettele, CMT


Daily Bars

Commodity_Technical_Analysis_Crude_Reverses_Sharply_body_crude.png, Commodity Technical Analysis: Crude Reverses Sharply

Chart Prepared by Jamie Saettele, CMT


Commodity Analysis: I wrote yesterday that “crude rallied through the 11/6 high but market conditions aren’t conducive to extended moves. Today’s high is right at former support from the 10/15 low (circled). Fibonacci resistance begins at 9029.” The move didn’t just ‘not extend’ but it completely reversed. The market is trading violently on headlines but 84-85 is potential support.


Commodity Trading Strategy: Nothing for now.


LEVELS: 8404 8500 8616 8850 8976 9029





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.

  • Delta Air Lines Wants the Boeing "797" ASAP: Here's Why
    Business
    Motley Fool

    Delta Air Lines Wants the Boeing "797" ASAP: Here's Why

    Last year, Boeing (NYSE: BA) strained its relationship with U.S. airline giant Delta Air Lines (NYSE: DAL) by attempting to have big tariffs imposed on Delta's purchase of CSeries jets from Bombardier. Many pundits saw Boeing's trade complaint as a risky move that could alienate a key customer -- especially after Delta ordered the Airbus (NASDAQOTH: EADSY) A321neo last December instead of Boeing's 737 MAX 10. Delta isn't going to make bad business decisions just to punish Boeing.

  • Germany's Figure Skater Just Went Full Game of Thrones. The Internet Can't Even Deal
    Entertainment
    Time

    Germany's Figure Skater Just Went Full Game of Thrones. The Internet Can't Even Deal

    Winter has officially come for the 2018 Olympics in PyeongChang, and it is epic. Germany’s figure skater Paul Fentz came blazing onto the ice suited up for battle as thunderous music from Game of Thrones played, thrilling the internet to no end.

  • Dog Food Brands Recalled Over Concerns About Euthanasia Drug
    Business
    Fortune

    Dog Food Brands Recalled Over Concerns About Euthanasia Drug

    J.M. Smucker Co. is recalling several shipments of dog food after an independent investigation found traces of pentobarbital, a euthanasia drug, in samples from a range of popular brands. The company announced on Thursday that it would withdraw shipments

  • How effective was the Russian social media campaign? Here's a clue
    Politics
    Quartz

    How effective was the Russian social media campaign? Here's a clue

    One of the overarching questions about Russia’s online campaign to destabilize the US election is just how effective those social media efforts really were. Well, according to special counsel Robert Mueller’s indictment (pdf) of 13 Russian citizens and three entities, Russian trolls were persuasive enough to get at least one US citizen to stand up and wish their boss a very special happy birthday. The indictment says they used a social media account to arrange “for a real US person to stand in front of the White House…under false pretenses to hold a sign that read ‘Happy 55th Birthday Dear Boss.'” They reportedly told the American that it was for someone who “is a leader here and our boss…our

  • FBI needs to be shut down: Chris Farrell
    Politics
    Fox Business Videos

    FBI needs to be shut down: Chris Farrell

    Judicial Watch Director of Investigations Chris Farrell on the problems with the FBI and why the FBI needs to be shut down.

  • Lisa Marie Presley Says She's Over $16 Million in Debt, Divorce Documents Claim
    Business
    People

    Lisa Marie Presley Says She's Over $16 Million in Debt, Divorce Documents Claim

    According to the documents, which were filed on Wednesday and obtained by PEOPLE Friday, Justin Stiegemeyer, Presley’s current business manager who is responsible for “day-to-day finances and paying all of her bills,” disclosed that the 50-year-old had first learned of her debt while her old business manager Provident Financial Management was handling her finances. In the court documents, Stiegemeyer went on to claim that Presley owes almost $50K in credit card debt, although he added that she has been actively paying down the sum and has managed to pay off the debt on certain cards in full.

  • Nathan Chen Just Stunned Every Figure Skater You've Ever Heard Of
    Sports
    Time

    Nathan Chen Just Stunned Every Figure Skater You've Ever Heard Of

    U.S. figure skater Nathan Chen set an Olympic record with six quad jumps in the men’s figure skating long program on Friday. Chen bounced back after a disappointing turn during the short program that left the skater in 17th place in the 2018 Winter

  • Gilead wins reversal of $2.54 billion hepatitis C drug patent verdict
    Business
    Reuters

    Gilead wins reversal of $2.54 billion hepatitis C drug patent verdict

    A federal judge in Delaware has overturned a jury's verdict requiring Gilead Sciences Inc to pay a record $2.54 billion because its hepatitis C drugs Sovaldi and Harvoni infringed a patent held by rival Merck & Co Inc. The verdict had been the largest ever in a U.S. patent case but U.S. District Judge Leonard Stark in Wilmington, Delaware, on Friday ruled Merck's patent was invalid. Gilead in a statement on Saturday said it always believed the patent was invalid and was pleased the judge confirmed that opinion. The December 2016 verdict followed a trial in which jurors found that Merck's patent on hepatitis C treatments, which it acquired in 2014 when it bought Idenix Pharmaceuticals, was valid.

  • Why Starbucks Shareholders Have Nothing to Worry About
    Business
    Motley Fool

    Why Starbucks Shareholders Have Nothing to Worry About

    Starbucks (NASDAQ: SBUX) shares fell a bit after the company reported its first-quarter earnings. In fact, a recent report from BMO Capital Markets found that the average Starbucks location has 3.6 other Starbucks cafes within a one-mile radius. Starbucks plans to do that as it rolls out its premium brand.

  • Stocks Rise for Maker of AR-15 Rifle Used in the Florida School Shooting
    Business
    Time

    Stocks Rise for Maker of AR-15 Rifle Used in the Florida School Shooting

    Stocks were up Thursday for American Outdoor Brands, the company that makes the AR-15 rifle used in the Florida school shooting that claimed 17 lives. The Associated Press reported that accused gunman Nikolas Cruz used a Smith & Wesson M&P15 rifle – a variant of the AR-15 – during his allegedly shooting spree at Marjory Stoneman Douglas High School in Parkland, Florida, on Wednesday. Smith & Wesson, which was founded in 1852, is a Springfield, Mass.-based holding of American Outdoor Brands.

  • 1 High-Yield Dividend Stock You've Never Heard Of
    Business
    Motley Fool

    1 High-Yield Dividend Stock You've Never Heard Of

    Income investors are always on the lookout for high yield dividend stocks, preferably the kind supported by stable businesses with ample cash flow and a long history of distributing some portion of it to shareholders. Enter Compass Minerals International (NYSE: CMP). You may have never heard of the company, but its business is simple to understand.

  • February Top Industrial Dividend Stock
    Business
    Simply Wall St.

    February Top Industrial Dividend Stock

    Industrial names generally suffer from deep cyclicality which can affect companies operating in areas ranging from machinery to aerospace to construction. As such, the position a company has relative to the economic cycle drives its level of profitability

  • Who Is Richard Pinedo, Who Pleaded Guilty in Mueller's Trump-Russia Probe?
    News
    Newsweek

    Who Is Richard Pinedo, Who Pleaded Guilty in Mueller's Trump-Russia Probe?

    Richard Pinedo, of Santa Paula, ran an online service called Auction Essistance, through which he bought and sold bank account numbers that would help users circumvent security measures of digital payment companies. Pinedo transferred, possessed and used the identities of other people in connection with unlawful activity, according to a statement of the offense. It said he has no criminal history and that he agrees to cooperate with Mueller's office.

  • Wynn Resorts says ex-CEO Steve Wynn not entitled to severance pay
    Finance
    Reuters

    Wynn Resorts says ex-CEO Steve Wynn not entitled to severance pay

    Wynn, who denied the accusations, remains Wynn Resorts' largest shareholder and owns about 12 percent of the company. Casino mogul Wynn's current healthcare coverage would be terminated at the end of this year, the casino company said in a regulatory filing, adding that his personal residence's lease at Wynn Las Vegas will terminate by June this year. Last week, Wynn Resorts gave the top job to company veteran Matt Maddox.

  • Buy These China Internet Stocks on Chinese New Year
    Business
    Zacks

    Buy These China Internet Stocks on Chinese New Year

    Friday, Feb. 16 marks the first day of the annual Chinese New Year celebrations, initiating the year of the dog and kicking off a 15-day holiday that will be honored by billions of people around the world. Chinese New Year is one of the most prominent festivals in the world, and it typically witnesses the largest annual mass migrations of people on earth.

  • Where Yamana Gold Inc (NYSE:AUY) Stands In Terms Of Earnings Growth Against Its Industry
    Business
    Simply Wall St.

    Where Yamana Gold Inc (NYSE:AUY) Stands In Terms Of Earnings Growth Against Its Industry

    In this article, I will take a look at Yamana Gold Inc’s (NYSE:AUY) most recent earnings update (31 December 2017) and compare these latest figures against its performance over the past few years, along with how the rest of AUY’s industry performed. Did AUY beat its long-term earnings growth trend and its industry? For Yamana Gold, its latest earnings (trailing twelve month) is -US$194.40M, which, relative to last year’s level, has become less negative.

  • Adam Rippon Enchants Fans With Spellbinding Individual Figure Skate
    Celebrity
    Time

    Adam Rippon Enchants Fans With Spellbinding Individual Figure Skate

    Fan favorite Adam Rippon has delighted the internet again with another kinetic performance. The 28-year-old consummate showman skated himself directly into everyone’s hearts and third place (temporarily) with his 87.95 score in Friday’s individual

  • Stock market will sell off by 30%: MacroMavens president
    Business
    Fox Business Videos

    Stock market will sell off by 30%: MacroMavens president

    MacroMavens President Stephanie Pomboy discusses her concerns over current economic conditions and the Fed’s impact on the stock market.

  • Walmart looks to make major deal, Amazon partners with Bank of America, Caterpillar says everything is okay
    Business
    Yahoo Finance

    Walmart looks to make major deal, Amazon partners with Bank of America, Caterpillar says everything is okay

    Walmart (WMT) is looking to purchase more than 40% of Amazon’s India rival Flipkart, according to Reuters. The deal would give Walmart some much needed muscle in India, where Amazon is already investing $5B into ventures like online grocery delivery. Amazon (AMZN) is partnering up with Bank of America (BAC) for business lending.

  • The Internet Is Head Over Heels for the Yuzuru Hanyu and Javier Fernández Figure Skating Bromance
    Celebrity
    Time

    The Internet Is Head Over Heels for the Yuzuru Hanyu and Javier Fernández Figure Skating Bromance

    Japanese figure skater and Winnie the Pooh enthusiast Yuzuru Hanyu not only won the men’s short program at the 2018 Winter Olympics on Thursday, but thanks to his bromance with Spain’s Javier Fernández, won the Internet’s heart as well. Hanyu and Fernández have been competing against each other for years, but off the ice, their friendship appears to have only grown stronger. “With ‘Yuzu,’ we are everything, we are friends, we are teammates, at some point we have to be rivals,” Fernández told Reuters in 2015.

  • 3 Hated Dividend Stocks to Buy Now
    Business
    Motley Fool

    3 Hated Dividend Stocks to Buy Now

    Investors seem to despise pipeline giants Kinder Morgan (NYSE: KMI), Enbridge (NYSE: ENB), and Plains All American Pipeline (NYSE: PAA) these days given that all three are down more than 20% over the past year. Enbridge's stock has lost about 20% of its value over the past year.

  • 3 Tech Stocks With Fresh, Double-Digit Dividend Increases
    Business
    Motley Fool

    3 Tech Stocks With Fresh, Double-Digit Dividend Increases

    With earnings season well under way, lots of companies are announcing dividend increases. If you're looking for companies with strong dividend growth, here are three tech stocks to consider. Intel, Cisco, and Corning all announced double-digit increases

  • Was Honeywell International Inc’s (NYSE:HON) Earnings Decline A Part Of Broader Industry Downturn?
    Business
    Simply Wall St.

    Was Honeywell International Inc’s (NYSE:HON) Earnings Decline A Part Of Broader Industry Downturn?

    Investors with a long-term horizong may find it valuable to assess Honeywell International Inc’s (NYSE:HON) earnings trend over time and against its industry benchmark as opposed to simply looking at a sincle earnings announcement at one point in time. Below is my commentary, albiet very simple and high-level, on how Honeywell International is currently performing. For Honeywell International, its most recent bottom-line (trailing twelve month) is US$1.66B, which compared to last year’s figure, has fallen by a significant -65.59%.

  • Applied Materials, Inc. Stock Is a Screaming Buy Right Now!
    Business
    InvestorPlace

    Applied Materials, Inc. Stock Is a Screaming Buy Right Now!

    On Wednesday after the close, Applied Materials, Inc. (NASDAQ:AMAT) reported earnings. Despite a plethora of good news, AMAT stock actually sold off in early Thursday trading. Fiscal first-quarter earnings per share of $1.06 came in 8 cents per share ahead of expectations.

  • The Russia Investigation Is Moving Really Freaking Fast
    News
    FiveThirtyEight

    The Russia Investigation Is Moving Really Freaking Fast

    Feb. 16, 2018 at 4:26 PM The investigation by special counsel Robert Mueller into Russian interference in the 2016 election took a significant step forward Friday, with the indictment of 13 Russian nationals and and three Russian organizations along with the announcement of a guilty plea from a California man for identity fraud. The indictment and guilty plea are important because they are the first charges related to Russian attempts to sabotage the election. (The other indictment and pleas in the Mueller investigation have been in relation to other criminal activities.) The election interference is an activity long denounced by the U.S. intelligence community but routinely called into question