Global macro overview for 01/09/2015:
Yesterday’s market rumor about big shortage in US crude oil inventories were the main reason behind an upward rally of crude up to the level of 49.50. Moreover, there is another rumor that the OPEC meeting could result in production cuts in order to keep crude prices rising. Please notice the rumors might be very short-lived as the report on crude inventories is scheduled for Wednesday 14:30 GMT (-5452K is the expected number).
Nevertheless, the technical picture is quite clear about the possible resistance for crude as it is seen at the level of $50 (50%Fibo) and 53.08 (61%Fibo). Moreover the 55 SMA is currently at the level of 49.63, which make the level of $50 even more stronger and important resistance level.
The material has been provided by InstaForex Company – www.instaforex.com