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Crude Oil Technical Analysis: Prices Drop to 7-Month Low

Crude Oil Technical Analysis: Prices Drop to 7-Month Low

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Support: 46.72, 45.17, 44.03
  • Resistance: 48.39, 51.08, 52.75
  • Visit our crude oil page for more

Crude oil prices resumed their push downward, overturning a Bullish Engulfing candle pattern and dropping to the lowest level in seven months. A daily close below the 38.2% Fibonacci expansion at 46.72 exposes the 45.17-38 area (January 13 low, 50% level). Alternatively, a move above the 23.6% Fib at 48.39 opens the door for a test of the August 11 high at 51.08.

KEY UPCOMING EVENT RISK:

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

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

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