NEWS: Crude oil price increased 1.4%. Oil prices are climbing after the Wall St. Journal reported that OPEC+ is considering increasing production by 500,000 barrels per day, which is much less than the market had expected.
Possible Scenarios:
If Crude oil fails to breach through R1 of 74.091, our Research Department expects the Crude oil to undergo a short-term downward correction.
If Crude oil manages to break above its R1 of 74.091, our Research Department expects the Crude oil to extend its gains to its R2 of 74.662.
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
71.428 |
71.999 |
72.569 |
73.330 |
74.091 |
74.661 |
75.232 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €83.62 |
(+/-) £71.48 |
*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.19585
***GBP/USD = 1.39906
Calculations for exchange rate used as of 14:43 (GMT+1) 23/06/2021