NEWS: Crude oil price decreased 1.6%. Oil prices are falling as US dollar strength and recession fears continue to put negative pressure on the commodity.
Possible Scenarios:
if Crude oil fails to breach through S1 of 79.656, our Research Department expects the Crude oil to undergo a short- term upward correction.
If Crude oil manages to break below its S1 of 79.656, our Research Department expects the Crude oil to extend its losses to its S2 of 78.475
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
77.294 |
78.475 |
79.656 |
81.230 |
82.804 |
83.985 |
85.166 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €96.49 |
(+/-) £84.01 |
*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.03643
***GBP/USD = 1.19040
Calculations for exchange rate used as of 14:04(GMT) 18/11/2022