Crude Oil Technical Analysis: Support Above 48.00 Holding

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 put in a Bullish Engulfing candlestick pattern, hinting a move higher may be brewing ahead. A daily close above the 14.6% Fibonacci retracementat 51.34 exposes the 23.6% level at 53.27. Alternatively, a move below the 48.22-54 area (76.4% Fib expansion, August 10 low) opens the door for a test of the 45.11-17 zone (100% expansion, January 13 low).

KEY UPCOMING EVENT RISK:

19 AUG 2015, 12:30 GMT – US Core CPI (YoY) (JUL) – Expected: 1.8%, Prev: 1.8%

19 AUG 2015, 18:00 GMT – Fed Releases July FOMC Meeting Minutes

19 AUG 2015, 14:30 GMT – DOE US Crude Oil Inventories – Expected: n/a, Prev: -1682K

20 AUG 2015, 06:45 GMT – Fed’s John Williams Speaks

21 AUG 2015, 00:20 GMT – Fed’s Narayana Kocherlakota Speaks

21 AUG 2015, 01:45 GMT – Caixin China Mfg PMI (AUG P) – Expected: 48.0, Prev: 47.8

--- 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