Crude Oil Technical Analysis: January Low Under Pressure
- Support: 45.17, 42.91, 40.39
- Resistance: 47.96, 51.08, 52.68
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Crude oil prices are working on a seventh consecutive down day, dropping to the lowest level in seven months. Near-term support is in the 45.17-46.03 area (January 13 low, 23.6% Fib expansion), with a break below that on a daily closing basis exposing the 38.2% level at 42.91. Alternatively, a turn above the 14.6% Fib at 47.96 clears the way for a challenge of the August 11 high at 51.08.
KEY UPCOMING EVENT RISK:
21 AUG 2015, 13:45 GMT – Markit Mfg PMI (AUG P) – Expected: 53.8, Prev: 53.8
21 AUG 2015, 17:00 GMT – Baker Hughes US Rig Count – Expected: n/a, Prev: 884
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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