Global macro overview for 15/08/2016:
Just last week Saudi Arabia signaled that it is ready to discuss ways of stabilizing the markets at informal OPEC talks next month. This statement alone made the crude oil to rally. In August oil has rebounded over 11%. Nevertheless, we need to note, that all OPEC countries and their business partners are all about to talk only, little or no action could follow afterwards. This is why the information should be taken rather cautiously, because the current fundamentals do not do justify higher energy prices at the moment.
Let's now take a look at the Crude Oil technical picture in the daily time frame. The bull camp has managed to rally up to the level of 100 daily moving average around the level of 45.00 and currently the market is trading just below the important technical resistance at the level of 45.75. The next important support can be seen at the level of 39.16.
