NEWS: Crude oil price increased 2.0% after OPEC+ to cut supply further and as easing COVID curbs in China raised the likelihood of higher demand from the world's top crude importer.
Possible Scenarios:
if Crude oil fails to breach through R1 of 82.741, our Research Department expects the Crude oil to undergo a short- term downward correction.
If Crude oil manages to break above its R1 of 82.741, our Research Department expects the Crude oil to extend its gains to its R2 of 83.671.
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
78.398 |
79.329 |
80.259 |
81.500 |
82.741 |
83.671 |
84.602 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €95.4 |
(+/-) £81.86 |
*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.04820
***GBP/USD = 1.22160
Calculations for exchange rate used as of 14:30(GMT) 01/12/2022