Crude Oil Technical Analysis: Sellers Breach 50.00 Figure
- Support: 48.54, 45.11, 41.68
- Resistance: 50.66, 52.37, 54.08
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Crude oil continues to accelerate downward, with sellers now establishing a threshold below the $50/barrel figure. Near-term support is at 48.54, the 76.4% Fibonacci expansion, with a break below that on a daily closing basis exposing the 100% level at 45.11. Alternatively, a turn above the 61.8% Fib at 50.66clears the way for a challenge of the 50% expansion at 52.37.
KEY UPCOMING EVENT RISK:
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
05 AUG 2015, 14:00 GMT – DOE Weekly US Crude Oil Inv. – Expected: -1307.5K, Prev: -4203.0K
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
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