NEWS: Crude oil price is falling -2.0%. Oil prices are dropping after Bloomberg reported that the expected price range for the G-7 price cap on Russian oil will be $65 to $70, higher than previously forecast.
Possible Scenarios:
if Crude oil fails to breach through S1 of 79.426, our Research Department expects the Crude oil to undergo a short- term upward correction.
If Crude oil manages to break below its S1 of 79.426, our Research Department expects the Crude oil to extend its losses to its S2 of 78.260
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
77.094 |
78.260 |
79.426 |
80.980 |
82.534 |
83.700 |
84.866 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €97.06 |
(+/-) £83.94 |
*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.03025
***GBP/USD = 1.19126
Calculations for exchange rate used as of 10:40(GMT) 23/11/2022