NEWS: Crude oil price increased 0.7%. U.S. Federal Reserve Chairman Jerome Powell signaled that the central bank could hike rates slower than expected, a move likely to boost short-term fuel demand.
Possible Scenarios:
If Crude oil fails to breach through R1 of 82.226, our Research Department expects the Crude oil to undergo a short-term downward correction.
If Crude oil manages to break above its R1 of 82.226, our Research Department expects the Crude oil to extend its gains to its R2 of 82.965.
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
78.776 |
79.515 |
80.254 |
81.240 |
82.226 |
82.965 |
83.704 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €88 |
(+/-) £73.42 |
*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.13632
***GBP/USD = 1.36200
Calculations for exchange rate used as of 8:54 (GMT) 12/01/2021