Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
Crude Oil Price: Support Break Hints at Deeper Losses

Crude Oil Price: Support Break Hints at Deeper Losses

Ilya Spivak,

Talking Points:

  • Crude Oil Prices Vulnerable to Deeper Losses After Support Break
  • Sellers Now Eye Support Above $45 Figure en Route to August Lows

Crude oil appears poised for deeper losses after prices slipped below chart support above the $47/barrel figure. The Brent crude contract found resistance below the $55/barrel figure and turned downward having launched a sharp corrective recovery after plunging to a six-year low in late August.

From here, a daily close below the 50% Fibonacci expansion at 45.58 opens the door for a test of the 61.8% level at 43.52. Alternatively, a move back above the 38.2% Fib at 47.63 clears the way for a challenge of falling trend line resistance set from the August 31 high, now at 49.24.


10 SEP 2015, 15:00 GMT – DOE US Crude Oil Inventories – Expected: n/a, Prior: 4667K

11 SEP 2015, 12:30 GMT – PPI (YoY) (AUG) – Expected: -0.9%, Prev: -0.8%

11 SEP 2015, 14:00 GMT – UofM Consumer Confidence (SEP P) – Expected: 91.2, Prev: 91.9

--- Written by Ilya Spivak, Currency Strategist for

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

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