The Fibonacci Tool Fully Explained

If you are not already using the Fibonacci tool in your trading maybe you have heard of it. It is one of the most effective and simple tools to use in becoming a successful trader. And it is fully explained here in this video, it’s a technical tool that can make you rich.

You may have heard about Fibonacci, the man who discovered a set of numbers who that have a major affect on the market. So who is this Fibonacci fellow, and why are his findings so important in the market place?

The mathematical findings by this thirteenth century Italian man has yielded a useful technical analysis tool which is used in technical analysis and by scientists in a large array of fields. Born Leonardo of Piza, he is better known in the trading community as Fibonacci. Fibonacci’s best known work is Liber Abaci which is generally credited as having introduced the Arabic number system which we use today.

Fibonacci introduced a number sequence in Liber Abaci which is said to be a reflection of human nature. The series is as follows: 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144 and on to infinity. The series is derived by adding each number to the previous. For example, 1+1=2 , 2+1=3, 3+2=5, 5+3=8, 8+5=13, and so on.

We use the Fibonacci series mainly for retracements (see today’s video) and to show us where support and resistance might come into the market. We also use this tool to enter or add onto a position.
In this video we show you these exact retracements and how they affected the market at that time.

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Oil, Gasoline Surge as Second Quarter U.S. GDP Tops Projections

Crude oil rose to a one month high and gasoline surged after a report that the U.S. gross domestic product shrank less than estimated bolstered speculation that the economy is recovering from the recession. Oil climbed 3.7 percent after the Commerce Department said that GDP fell at a 1 percent annual pace during the April through June period. The U.S. economy was forecast to shrink at a 1.5 percent pace, according to the median estimate of 78 economists surveyed by Bloomberg News. Prices also gained because of a drop in the dollar against the euro.....Complete Story

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Crude Oil Closes Above Reaction High Crossing

Crude oil closed higher on Friday and above the previous reaction high crossing at 68.99 thereby renewing the rally off this month's low. The high range close sets the stage for a steady to higher opening on Monday. Despite today's rally, stochastics and the RSI remain neutral to bearish hinting that this rally is a corrective rebound.

If September extends this week's rally, the reaction high crossing at 74.25 is the next upside target. Closes below Wednesday's low crossing at 62.70 are needed to confirm that a short term top has been posted.

First resistance is today's high crossing at 69.74
Second resistance is the reaction high crossing at 74.25

First support is the 10 day moving average crossing at 66.65
Second support is the 20 day moving average crossing at 64.50

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Natural gas closed lower due to profit taking on Friday as it consolidates some of Thursday's rally. The mid range close sets the stage for a steady opening on Monday. Stochastics and the RSI remain bearish hinting that additional weakness is possible near term.

If September renews the rally off this month's low, the reaction high crossing at 4.261 is the next upside target. Closes above the reaction high crossing at 4.045 are needed to renew the rally off this month's low.

First resistance is the 10 day moving average crossing at 3.76
Second resistance is the reaction high crossing at 4.05

First support is Wednesday's low crossing at 3.46
Second support is this month's low crossing at 3.23

The Fibonacci Tool Fully Explained

Can Exxon Find Future Growth?

ExxonMobil, suffering like the rest of its Big Oil peers from lower oil and natural gas prices, reported plunging earnings this morning. Net income for the second quarter came in at $3.95 billion, a 62% drop over the same quarter last year. At 81 cents a share, Exxon's results undershot analyst expectations. Yet shareholders received their usual largesse from Exxon: $7 billion in dividends and stock buybacks even while the company suffered a 4% decline in oil and gas production to a current 3.7 million barrels a day.....Complete Story

Pemex Output Goal ‘Uphill Battle,’ Forces Borrowing

Petroleos Mexicanos, Latin America’s largest oil company, is likely to miss its 2009 output goal even after lowering its production forecast, forcing the company to seek other sources of financing to pay for its largest ever capital spending plan. Pemex, which hasn’t increased production in 3 years, needs to raise output by at least 1.6 percent in the final six months of 2009 to reach a goal of 2.65 million barrels a day, according to data compiled by Bloomberg. Mexico City based Pemex lowered its forecast yesterday on an earnings conference call.....Complete Story

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Chevron Profits Tumble 71 pct Because of Cheap Oil

Chevron Corp. says its second quarter profit fell 71 percent as demand for crude oil and gasoline plunged. Chevron, the second largest U.S. oil company, said Friday its net income amounted to $1.75 billion, or 87 cents per share, for the three-month period that ended June 30. That compared with $5.98 billion, or $2.90 per share, in the same period last year. The company said its net income suffered from a weak U.S. dollar, amounting to $453 million in reduced earnings. That compares with an income benefit of $126 million in the same period last year. Analysts surveyed by Thomson Reuters expected earnings of 95 cents per share. Those estimates typically exclude one time items.....Your keyword

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Oil Drops After Data Shows U.S. Recession Worse Than Estimated

Crude oil fell, heading for its first monthly decline since January, after revisions to U.S. data showed the economy shrank more than estimated in the recession. Oil is set for its first weekly decline in three weeks after a surprise 5.15 million barrel jump in U.S. crude inventories was reported by the Energy Department. Japan, the world’s third largest oil consumer, said crude imports plunged for a ninth consecutive month in June. “The low $70s has become the ceiling for oil prices, as at this point they begin to weigh on equity markets,” Christopher Bellew, senior broker at Bache Commodities Ltd. in London.....Complete Story

Today’s Stock Market Club Trading Triangles

Crude Oil Slightly Higher as we Look to GDP Numbers

Crude oil traded overnight due to profit taking as traders consolidated some of Thursday's rally. While we have turned positive as we move closer to the pre market release of the GDP numbers, stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If September renews Wednesday's decline, this month's low crossing at 59.30 is the next downside target. Closes above Monday's high crossing at 68.99 are needed to renew the rally off this month's low.

Friday's pivot point for crude oil is 65.58

First resistance is Monday's high crossing at 68.99
Second resistance is the reaction high crossing at 74.25

First support is the 20 day moving average crossing at 64.38
Second support is Wednesday's low crossing at 62.70

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Natural gas was lower overnight as it consolidates some of Thursday's rally. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

If September extends this week's decline, this month's low crossing at 3.366 is the next downside target. Closes above the 10 day moving average crossing at 3.765 are needed to temper the near term bearish outlook in the market.

Friday's pivot point for natural gas is 3.67

First resistance is the 10 day moving average crossing at 3.77
Second resistance is the reaction high crossing at 4.05

First support is Wednesday's low crossing at 3.46
Second support is this month's low crossing at 3.37

Using Volatility In Your Market Analysis

CNBC Video: Where is Oil Likely to be Headed on Friday

CNBC's Rebecca Jarvis discusses the day's activity in the commodities markets, and looks ahead to where oil is likely headed tomorrow.




The Fibonacci Tool Fully Explained

Crude Closes Higher, Stochastics and RSI Remain Bearish

Crude oil closed sharply higher due to short covering on Thursday as it consolidated some of Wednesday's decline. The high range close sets the stage for a steady to higher opening on Friday. Despite today's rally, stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near term.

Multiple closes below the 20 day moving average crossing at 64.38 are needed to confirm that a short term top has been posted. If September renews this month's rally, the reaction high crossing at 74.25 is the next upside target.

First resistance is Monday's high crossing at 68.99
Second resistance is the reaction high crossing at 74.25

First support is Wednesday's low crossing at 62.70
Second support is this month's low crossing at 59.30

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Natural gas closed higher due to short covering on Thursday as it consolidated some of this week's decline. The high range close sets the stage for a steady to higher opening on Friday. Despite today's rally, stochastics and the RSI remain bearish hinting that additional weakness is possible near term.

If September renews the rally off this month's low, the reaction high crossing at 4.261 is the next upside target.

First resistance is the 10 day moving average crossing at 3.78
Second resistance is last Wednesday's high crossing at 4.05

First support is Thursday's low crossing at 3.61
Second support is this month's low crossing at 3.23

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