Global macro overview for 08/09/2015:
Crude oil prices fluctuated over the past three weeks as a result of global wealth concerns (China, USA) and currently the black gold has lost more than 25% since June. It looks like crude oil is following the Chinese stock market. On the other hand, the oversupplied commodity market is still pushing prices lower despite the OPEC’s attempts to stabilize the situation.
The recent bounce in crude resulted in a 50% retracement from the last swing low ( with a top at the level of 49.50), but the market is currently trying to continue the downtrend as no new highs have been reached since August 31. The next support comes at the level of 43.19 and moving averages dynamic support is seen at 42.88 (SMA 13) and 42.75 (SMA 21).
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