日本語
Español
中文
- New York 02:11
- London 07:11
- Barcelona 08:11
- Tokyo 16:11
- Sydney 18:11
The Commodities Corner
1
0
Crude Oil: A Key Level to Watch
Thu, Nov 20 2008, 01:43 GMT
by Andrei Pehar
One of the factors which has been center stage throughout this crisis is the price of crude. High oil prices were initially blamed for the fall of the US stock market. And yet, with oil trading at $52 a barrel, we find the Dow still hovering right around 7900. The question on everyone’s mind… is what happens to the economy if oil should start to go back up?
Oil affects the cost of doing business for almost every company out there - whether they use plastics, or have to ship their product. And it can also affect the movement of many currencies, especially the Japanese Yen (JPY) - since the island nation has extremely limited domestic production - and the Canadian Dollar (CAD), which has the world's second-largest reserves.
So where is the price of this important commodity headed next?
Currently, we are headed down towards a weekly pivot point at 52.17, which is expected to provide some support and potentially bounce us back up to re-test 55.28 as resistance. What happens next will be critical.
If price breaks back above this key level, then we may see a consolidation period between 55.28 and 70.49 (with in-between levels of 58.68 and 63.19 to keep an eye on), depending upon the results of the next OPEC meeting in Cairo.
If instead 55.28 can hold as resistance, we may see further drops - if prices fall below $50, the next support is at 47.30 (with 39.70 and 33.56 below that).
Published on Thu, Nov 20 2008, 09:03 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
BK Trading
http://www.fx-knight.com | info@fxknight.com
Legal disclaimer and risk disclosure
Black Knight Currency Trading shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information provided on this website. The contents of any report provided should not be construed as express or implied investment advice, as a guarantee or implication that clients will profit from the strategies herein, or as a guarantee that losses in connection therewith can, or will be limited. Trades in accordance with the recommendations in an analysis, especially leveraged investments, such as foreign exchange trading and investment in derivatives, can be very speculative and may result in profits, as well as losses, especially if the conditions mentioned in the analysis do not occur as anticipated. Black Knight Currency Trading will not be held legally or morally responsible for trading decisions made by investors on their own trading account. We will not be responsible to compensate for any lawsuit on loss, expenses, costs, and/or damages resulting from trading in the international markets. All trading deals that an investor makes on his/her own trading account are the responsibility of the investor him/herself. The investor guarantees his/her ability to handle any financial losses resulting from trading in the international markets.Interested in forex trading? forex brokerage firms!
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
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.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.
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.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.