For PEMEX Mexico's prices:
Throughout the year 2023, there has been a bearish trend in the international reference price. However, in the last weeks of July 2023, there was an increase in international reference prices. The Fibonacci retracement technique was used to assess potential support and resistance levels.
The analysis shows that the next price resistance level is at 2.6413 USD, equivalent to $24.98 MXN. However, it is unlikely to reach this level as the highest recorded price to date is $24.14 MXN, and due to government policies, it is difficult for this price to increase.
Consequently, it is expected that the international reference price will experience increases of up to 50 cents in the month of August. On the other hand, the selling price of TAR will remain within the expected averages for the month of August, at $23.75 MXN.
Throughout the year 2023, there has been a bearish trend in the international reference price. However, in the last weeks of July 2023, there was an increase in international reference prices. The Fibonacci retracement technique was used to assess potential support and resistance levels.
The analysis shows that the next price resistance level is at 2.6413 USD, equivalent to $24.98 MXN. However, it is unlikely to reach this level as the highest recorded price to date is $24.14 MXN, and due to government policies, it is difficult for this price to increase.
Consequently, it is expected that the international reference price will experience increases of up to 50 cents in the month of August. On the other hand, the selling price of TAR will remain within the expected averages for the month of August, at $23.75 MXN.
Comment:
The last Fibo resistence level was reached (2.87) and the next level was reached too (3.2585).