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Crude Oil Technical Analysis: Upswing Still a Possibility

Crude Oil Technical Analysis: Upswing Still a Possibility

2015-08-19 07:09:00
Ilya Spivak, Head Strategist, APAC
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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:

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

Crude Oil Technical Analysis: Upswing Still a Possibility

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

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