NEWS: Crude oil price decreased 0.4% as only around one quarter of the Gulf of Mexico’s crude production remained offline after two hurricanes hit the region in the last few weeks.
Possible Scenarios:
If Crude oil fails to breach through S1 of 71.463, our Research Department expects the Crude oil to undergo a short-term upward correction.
If Crude oil manages to break below its S1 of 71.463, our Research Department expects the Crude oil to extend its losses to its S2 of 70.956.
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
70.448 |
70.956 |
71.463 |
72.140 |
72.817 |
73.324 |
73.832 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €85 |
(+/-) £72.62 |
*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.17650
***GBP/USD = 1.37712
Calculations for exchange rate used as of 08:50 (GMT+1) 17/09/2021