NEWS: Crude oil price increased 1.0%. Oil prices are rising after the EIS reported a larger than expected inventory drawdown the past week. Oil inventories declined by over 7 million barrels.
Possible Scenarios:
If Crude oil fails to breach through R2 of 73.019, our Research Department expects the Crude oil to undergo a short-term downward correction.
If Crude oil manages to break above its R2 of 73.019, our Research Department expects the Crude oil to extend its gains to its R3 of 73.456.
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
70.544 |
70.981 |
71.418 |
72.000 |
72.582 |
73.019 |
73.456 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
(+/-) $100 |
(+/-) €82.53 |
(+/-) £70.9 |
*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.21168
***GBP/USD = 1.41037
Calculations for exchange rate used as of 16:33 (GMT+1) 16/06/2021