NEWS: Crude oil price is falling -2.4%. Oil prices are dropping due to fears Iran may be allowed back into the international oil market as they are scheduled to meet with European and American representatives this week to discuss the current sanctions.
Possible Scenarios:
If Crude oil fails to breach through S1 of 59.323, our Research Department expects the Crude oil to undergo a short- term upward correction.
If Crude oil manages to break below its S1 of 59.323, our Research Department expects the Crude oil to extend its losses to its S2 of 58.553.
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
57.782 |
58.552 |
59.323 |
60.350 |
61.377 |
62.148 |
62.918 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
(+/-)100$ |
(+/-)85.05€ |
(+/-)72.14£ |
*1 trading lot is equivalent of 1000 units
** EUR/USD = 1.17578
*** GBP/USD = 1.38628
Calculations for exchange rate used as of 12:57 (GMT+1) 05/04/2021