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Thechical analysis if US oil for August 10, 2015

The US oil found a strong resistance between 04.2011 and 11.2014 near 112 and support near 80 USD a barrel. On November 2014, this range was broken, which resulted in the breakout of the slightly descending channel.

The Fibonacci applied to the channel breakout point shows that the 38.2% (60.07) support level has been broken, then tested as resistance (R2) and rejected. The last week close confirmed the breakout of the 23.6% (47.75) support which now is acting as resistance (R1).

All in all, the trend is extremely bearish and it is likely to accelerate and move further down towards 0% Fibs level to re-test 2009 lows. Consider selling the US crude this month while it is trading between the current level 44 and R1 resistance 48 targeting the S1 area near 28. Weekly closure above R1 could be used as a signal to exit short positions.

Support: 27.80

Resistance: 47.75

cl-w1-instaforex-group-2.png

The material has been provided by InstaForex Company - www.instaforex.com