{"id":19783,"date":"2011-02-25T11:15:20","date_gmt":"2011-02-25T16:15:20","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=19783"},"modified":"2011-02-25T11:15:20","modified_gmt":"2011-02-25T16:15:20","slug":"spot-crude-oil-rises-to-key-technical-level","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/02\/25\/spot-crude-oil-rises-to-key-technical-level\/","title":{"rendered":"Spot Crude Oil Rises to Key Technical Level"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong><\/p>\n<p>The rise in spot crude oil prices may have technical implications as <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2011\/02\/24\/spot-crude-oil-leaps-above-the-100-barrier\/\">this week\u2019s high <\/a>coincides with a key <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2011\/02\/18\/spot-crude-rises-following-retracement-to-fibonacci-level\/\">Fibonacci level<\/a>.<\/p>\n<p>Following the collapse of crude oil  prices over the second half of 2008 where the price fell from $147 to  $33, prices have steadily climbed back, albeit slowly. This week\u2019s rally  to $103 has completed a 61.8% retracement of the June 2008 to January  2009 price drop.<\/p>\n<p>Should the commodity continue to move higher, resistance is found at  this week\u2019s high at $103, followed by $110 and $122, as well as the  all-time high near $147.<\/p>\n<p>Support should be found at $93, with further support at $83 and $73.  The rising trend line off of the February 2009 low may also prove to be  supportive.<\/p>\n<p><a href=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2011\/02\/Crude_Weekly.JPG\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone\" src=\"http:\/\/www.forexyard.com\/blog\/en\/wp-content\/uploads\/2011\/02\/Crude_Weekly.JPG\" alt=\"\" width=\"590\" height=\"609\" \/><\/a><\/p>\n<p><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/em><em><strong><a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\"><br \/>\n<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                                                                                                                                                                                                                                                                                                                                                                                        may                     not                  be                                                                      suitable                             for                                 all                                                                                                           investors.                                                      There                                           is              a                                                                                                                                                                               possibility                                                                that                                                                                      you                                                         could                                                                                sustain   a                                loss                                                   of                    all                                    of                                               your                                                                                                                                                                 investment                    and                                                                                                                                   therefore                    you                                                                                                         should                                not                                                                             invest                                                                               money                                that                                        you                                                                                                      cannot                                                                       afford            to                                                                                        lose.                         You                                                                                                should                                      be                                                 aware                                  of                                                                     all                                           the                                          risks                                                                                                                                     associated                                                        with                                                              Foreign                                                                                             Exchange                                                                                                         trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The rise in spot crude oil prices may have technical implications as this week\u2019s high coincides with a key Fibonacci level. Following the collapse of crude oil prices over the second half of 2008 where the price fell from $147 to $33,<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-19783","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/19783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=19783"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/19783\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=19783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=19783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=19783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}