NEWS: Crude oil price increased 1.6%. Oil Prices are rising ahead of this evening’s American Petroleum Institute Weekly Inventory Report.
Possible Scenarios:
If Crude oil fails to breach through R1 of 53.074, our Research Department expects the Crude oil to undergo a short-term downward correction.
If Crude oil manages to break above its R1 of 53.074, our Research Department expects the Crude oil to extend its gains to its R2 of 53.556.
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
50.822 |
51.304 |
51.787 |
52.430 |
53.074 |
53.556 |
54.038 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
(+/-) $100 |
(+/-) €82.18 |
(+/-) £73.58 |
*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.21686
***GBP/USD = 1.35898
Calculations for exchange rate used as of 09:46 (GMT) 12/01/2021