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How to Determine the Next Likely Direction for Oil
Fri, Sep 26 2008, 12:05 GMT
by Andrei Pehar
With all the turmoil in the markets, how to we get a clear sense of direction? Well, for oil at least, there are two key numbers to watch:
If we finish this week with a close above 110.51, and manage to find some support at that level, then that future direction may well be up, which will not help the U.S. financial markets very much. If such a scenario comes to pass, then the next likely resistance level is at 124.56
If instead trading takes us down below 99.16, then we may be headed to test support at 87.81 next. We may also range in the 99.16 - 110.51 area for another week or two.
Published on Fri, Sep 26 2008, 12:12 GMT
Archive
- Crude Oil: A Key Level to Watch
Published On Thu, Nov 20 2008, 01:43 GMT - The Long-term Outlook for Gold
Published On Wed, Oct 15 2008, 16:04 GMT - How to Determine the Next Likely Direction for Oil
Published On Fri, Sep 26 2008, 12:05 GMT - What a Financial Crisis Means for Gold
Published On Fri, Sep 19 2008, 11:01 GMT - Gold & Silver Both Hit Projected Targets
Published On Fri, Sep 12 2008, 21:22 GMT
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