NEWS: Crude oil price increased 2.9%. A weaker US Dollar is helping push crude oil prices higher ahead of this evening’s American Petroleum Institute Weekly Inventory Report.
Possible Scenarios:
If Crude oil fails to breach through R2 of 80.924, our Research Department expects the Crude oil to undergo a short-term downward correction.
If Crude oil manages to break above its R2 of 80.924, our Research Department expects the Crude oil to extend its gains to its R3 of 81.586.
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
77.174 |
77.836 |
78.498 |
79.380 |
80.262 |
80.924 |
81.586 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €88.05 |
(+/-) £73.42 |
*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.13578
***GBP/USD = 1.36200
Calculations for exchange rate used as of 16:14 (GMT) 11/01/2022