Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
Crude Oil Price: Eight-Day Losing Streak Broken

Crude Oil Price: Eight-Day Losing Streak Broken

Talking Points:

  • Crude Oil Prices Break Eight-Day Losing Streak Above $42 Figure
  • Dominant Trend Bias Still Bearish Absent Defined Reversal Signal

Crude oil prices snapped an eight-day losing streak, pausing to consolidate above the $42/barrel figure having broken below January’s lows. The Brent contract is now hovering at the lowest levels since March 2012. The extent to which the slowdown may precede a rebound is unclear however absent the formation of a defined reversal signal. In the interim, the dominant directional bias remains bearish.

Near-termsupport is at 42.36, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 39.67. Alternatively, a reversal above the 61.8% Fib at 44.03 opens the door for a challenge of the 45.17-38 area, marked by support-turned-resistance at the January 13 low and the 50% expansion.

KEY UPCOMING EVENT RISK:

26 AUG 2015, 12:30 GMT – US Durable Goods Orders (JUL) – Expected: -0.4%, Prev: 3.4%

26 AUG 2015, 14:30 GMT – US DOE Crude Oil Inventories – Expected: n/a, Prev: 2620K

27 AUG 2015, 12:30 GMT – US GDP (Annualized) (2Q S) – Expected: 3.2%, Prev: 2.3%

28 AUG 2015, 05:45 GMT – Swiss GDP (QoQ) (2Q) – Expected: -0.1%, Prev: -0.2%

28 AUG 2015, 05:45 GMT – UK GDP (QoQ) (2Q P) – Expected: 0.7%, Prev: 0.7%

28 AUG 2015, 12:30 GMT – US Core PCE (YoY) (JUL) – Expected: 1.3%, Prev: 1.3%

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES