NEWS: Crude oil price is falling -2.3%. Oil prices are falling after it was reported that Saudi Arabia is comfortable increasing production starting in May. They are currently voting on whether to extend production cuts one month, two months, or start a gradual increase in production in May.
Possible Scenarios:
If Crude oil fails to breach through S1 of 58.762, our Research Department expects the Crude oil to undergo a short- term upward correction.
If Crude oil manages to break below its S1 of 58.762, our Research Department expects the Crude oil to extend its losses to its S2 of 57.96
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
57.158 |
57.960 |
58.761 |
59.830 |
60.899 |
61.700 |
62.502 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
(+/-)100$ |
(+/-)85.12€ |
(+/-)72.39£ |
*1 trading lot is equivalent of 1000 units
** EUR/USD = 1.17476
*** GBP/USD = 1.38138
Calculations for exchange rate used as of 15:43 (GMT+1) 01/04/2021