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Crude Oil Technical Analysis: Bottom in Place Above 48.00?

Crude Oil Technical Analysis: Bottom in Place Above 48.00?

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Support: 48.22, 45.11, 41.68
  • Resistance: 51.34, 53.27, 56.39
  • Visit our crude oil page for more

Crude oil prices may be preparing to launch higher after prices put in a Bullish Engulfing candlestick pattern. Near-term resistance is at 51.34, the 14.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 23.6% level at 53.27. Alternatively, a turn below the 48.22-54 area (76.4% Fib expansion, August 10 low) clears the way for a challenge of the 45.11-17 zone (100% expansion, January 13 low).

KEY UPCOMING EVENT RISK:

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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