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Crude Oil Technical Analysis: Aiming to Extend Down Move

Crude Oil Technical Analysis: Aiming to Extend Down Move

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Support: 50.66, 48.54, 45.11
  • Resistance: 52.37, 54.08, 56.20
  • Visit our crude oil page for more

Crude oil prices look poised to extend losses after a drop through the March low delivered the weakest levels in six months. From here, a daily close below the 61.8% Fibonacci expansion at 50.66 exposes the 76.4% level at 48.54. Alternatively, a reversal above the 50% Fib at 52.37 opens the door for a test of the 38.2% expansion at 54.08.

KEY UPCOMING EVENT RISK:

03 AUG 2015, 12:30 GMT – US PCE Core (YoY) (JUN) – Expected: 1.2%, Prev: 1.2%

03 AUG 2015, 14:00 GMT – US Manufacturing ISM (JUL) – Expected: 53.5, Prev: 53.5

05 AUG 2015, 01:45 GMT – Caixin China PMI Composite (JUL) – Expected: n/a, Prev: 50.6

05 AUG 2015, 14:00 GMT – US Non-Mfg ISM Composite (JUL) – Expected: 56.2, Prev: 56.0

07 AUG 2015, 12:30 GMT – US Change in Nonfarm Payrolls (JUL) – Expected: 225K, Prev: 223K

Crude Oil Technical Analysis: Aiming to Extend Down Move

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

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