Oil Forecast: Potential Drop Ahead
Good day,
Currently, oil is testing the resistance at the level of 71.30. The question is, will the oil manage to break this level or drop? So, it will be interesting to check what the asset is going to do next to this level and glimpse the candlestick formations, which might forecast the price movements. In principle, oil might potentially drop.
The price of American index S&P500 keeps moving along the level of 4200.00. Hence, the asset’s price might correct itself and drop soon.
The price of the Australian dollar has entered the wedge. Therefore, the asset should pull from the upper or lower boundary of this wedge. Should the asset manage to break the boundary of wedge, interesting things might happen soon.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
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Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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