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Crude Oil Technical Analysis: Prices Set New Six-Month Low

Crude Oil Technical Analysis: Prices Set New Six-Month Low

2015-08-06 08:39:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points:

  • Support: 48.54, 45.11, 41.68
  • Resistance: 50.66, 52.37, 54.08
  • Visit our crude oil page for more

Crude oil is attempting to renew its downward push, with prices slipping below the $50/barrel mark anew to set another six-month low. 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:

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

Crude Oil Technical Analysis: Prices Set New Six-Month Low

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

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