NEWS: Crude Oil extended gains on Wednesday as Saudi Arabia said earlier this week it will cut voluntarily its oil production by 1 million barrels per day in February and March.
Possible Scenarios:
If Crude Oil fails to break above Resistance 1 of 50.71, our Research Department expects Crude Oil to undergo a short-term upward correction.
If Crude Oil manages to break above Resistance 1 of 50.71, our Research Department expects Crude Oil to extend its gains to its Resistance 2 of 51.19.
Support and Resistance Levels:
Crude Oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
48.48 |
48.95 |
49.43 |
50.07 |
50.71 |
51.19 |
51.66 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
(+/-)100$ |
(+/-)81.14€ |
(+/-)73.40£ |
* 1 trading lot is equivalent of 1000 units
** EUR/USD = 1.23229
*** GBP/USD = 1.36232
Calculations for exchange rate used as of 10:25 a.m. (GMT) 06/01/2020