Difficult week for the price of oil which has undergone sudden changes of course. Oil prices, in fact, closed higher on Friday, supported by signals from Saudi Arabia that OPEC could cut production. However, trading has been volatile, with investors first metabolizing and finally shaking off the US Federal Reserve chief’s warnings about future economic difficulties.
But what to do for the future? Buying or selling oil in the next few sessions?
Many market participants have the following scenario in mind for the near future.
The impression remains that Saudi Arabia is unwilling to tolerate any drop in prices below $ 90. Speculators might see this as an invitation to bet on further price increases without having to fear more marked falls.
Meanwhile, last week’s indication could be a good time to buy oil on the commodities market, turned out to be correct.
Buying or selling oil in the next few sessions?
The Petroleum (price in real time) closed the session on August 26 at 93.06 dollars, up by 0.58% compared to the previous session. The week ended with a 2.95% rise from the previous weekly close.
The key levels to monitor on the daily and weekly time frame
In the short term, the situation is very uncertain. As you can see from the graph, in fact, at the moment there are two projections, one bullish (solid line) and one bearish (dashed line).
On the upside, prices are blocked by the resistance area at 93.4 dollars, which in the past has already held back further price rises. On the downside, however, the support in the 92.2 dollar area is resisting the pressure of the bears. Only an external daily close at one of the indicated levels could give direction to the prices. The upward (solid line) and downward (dotted line) objectives are those indicated in the figure.
In the medium term, prices are frozen within the trading range of 86.20 dollars – 95.26 dollars. Only an external weekly closing at one of the two levels indicated could give direction to the prices.
The downward targets are those indicated in the figure. On the upside, however, a return to the 110 dollar area could be probable.
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The results of the forecasts in this article are based on statistical calculations explained in the ebooks published by ProiezionidiBorsa and processed on the basis of the available price history. (We also remind you to carefully read the warnings regarding this article and the author’s responsibilities, which can be consulted HERE”)
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