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Crude Oil Technical Analysis: 2015 Low in the Crosshairs

Crude Oil Technical Analysis: 2015 Low in the Crosshairs

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Support: 45.11, 41.68, 39.56
  • Resistance: 48.54, 50.66, 52.37
  • Visit our crude oil page for more

Crude oil is aiming to continue downward after prices narrowly broke another layer of chart support above the $48.00 figure. Near-term support is in the 45.11-17 area (January 13 low, 100% Fibonacci expansion), with a break below that on a daily closing basis exposing the 123.6% level at 41.68. Alternatively, a turn back above the 76.4% Fib at 48.54clears the way for a challenge of the 61.8% expansion at 50.66.

KEY UPCOMING EVENT RISK:

10 AUG 2015, 13:00 GMT – Atlanta Fed President Dennis Lockhart Speaks

12 AUG 2015, 05:30 GMT – China Retail Sales (YoY) (JUL) – Expected: 10.6%, Prev: 10.6%

12 AUG 2015, 05:30 GMT – China Industrial Prod. (YoY) (JUL) – Expected: 6.6%, Prev: 6.8%

12 AUG 2015, 14:30 GMT – US DOE Crude Oil Inventories – Expected: n/a, Prev: -4407K

13 AUG 2015, 12:30 GMT – US Retail Sales (MoM) (JUL) – Expected: 0.6%, Prev: -0.3%

14 AUG 2015, 12:30 GMT – US PPI (YoY) (JUL) – Expected: -0.9%, Prev: -0.7%

14 AUG 2015, 17:00 GMT – UofM US Consumer Conf. (AUG P) – Expected: 93.6, Prev: 93.1

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

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

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