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The Commodities Corner
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Has Oil Hit Bottom?
Thu, Aug 7 2008, 13:25 GMT
by Andrei Pehar
Oil is well worth tracking because it has so much influence on both the Dow and the US Dollar (and therefore all the major currency pairs which cross it). Fundamentally, the case is much stronger for oil heading up over the longer term, but where is it likely headed in the nearer term?
The daily chart for oil is beginning to trace a bullish divergence, and the weekly stochastics are showing signs of turning as well - all of this points to a potential bottom. 119.68 is a key level (or 120.000 from a psychological standpoint) and may help to determine the next direction, depending upon which side of it we continue to trade on in the days ahead.
If price continues to fall, it will most likely find support at either 116.34 or 109.04. If we have truly found the bottom and price begins to rise from here, then resistance is expected at 123.73, 127.31 and 132.02. And if price manages to break above the prior high of 147.26, then a scenario comes into play which could (eventually) see oil as high as 185.48.
Published on Thu, Aug 7 2008, 13:52 GMT
Archive
- Where Now, Mr. Dow?
Published On Tue, Oct 20 2009, 15:00 GMT - Gold Hits Key Level
Published On Mon, Sep 14 2009, 14:18 GMT - What's Next for Gold
Published On Thu, Jul 2 2009, 15:26 GMT - New Lows for the Dow - Where is the Bottom?
Published On Fri, Mar 6 2009, 10:42 GMT - Crude Oil: A Key Level to Watch
Published On Thu, Nov 20 2008, 01:43 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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