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The Commodities Corner
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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
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Published On Mon, Nov 23 2009, 13:41 GMT - 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
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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.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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