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.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View More
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

--- 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