Crude Support Break Hints At Deeper Losses
Dailyfx | Sep 10, 2015 01:20AM ET
- 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 31st high, now at 49.24.
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