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Crude Oil Price: Support Break Hints at Deeper Losses

Crude Oil Price: Support Break Hints at Deeper Losses

2015-09-10 04:58:00
Ilya Spivak, Sr. Currency Strategist
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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.

Crude Oil Price: Support Break Hints at Deeper Losses

KEY UPCOMING EVENT RISK:

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 DailyFX.com

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