NEWS: Crude oil price is falling -1.5%. Oil prices surged on the first trading day of the new year but tumbled off their highs by midday in Europe.
Possible Scenarios:
If Crude oil fails to breach through S1 of 48.996, our Research Department expects the Crude oil to undergo a short-term upward correction.
If Crude oil manages to break below its S1 of 48.996, our Research Department expects the Crude oil to extend its losses to its S2 of 48.701
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
48.406 |
48.701 |
48.996 |
49.390 |
49.784 |
50.079 |
50.374 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
(+/-) $100 |
(+/-) €81.33 |
(+/-) £73.02 |
*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.22962
***GBP/USD = 1.36948
Calculations for exchange rate used as of 11:14 (GMT) 04/01/2021