NEWS: Crude oil price is falling -1.5%. Crude oil prices are falling after China announced it would be releasing some of its strategic oil reserves into the market.
Possible Scenarios:
If Crude oil fails to breach through S1 of 68.743, our Research Department expects the Crude oil to undergo a short-term upward correction.
If Crude oil manages to break below its S1 of 68.743, our Research Department expects the Crude oil to extend its losses to its S2 of 68.227.
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
67.712 |
68.227 |
68.743 |
69.430 |
70.117 |
70.633 |
71.148 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
(+/-) $100 |
(+/-) €84.54 |
(+/-) £72.32 |
*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.18286
***GBP/USD = 1.38280
Calculations for exchange rate used as of 13:32 (GMT+1) 09/09/2021