NEWS: Crude oil price is falling -3.4%. Oil prices fell as China reported a tightening of COVID restrictions as cases rose, raising fears of reduced demand at the world's largest crude importer as economic activity is impacted.
Possible Scenarios:
if Crude oil fails to breach through S2 of 76.679, our Research Department expects the Crude oil to undergo a short- term upward correction.
If Crude oil manages to break below its S2 of 76.679, our Research Department expects the Crude oil to extend its losses to its S3 of 75.436
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
75.436 |
76.679 |
77.922 |
79.580 |
81.238 |
82.481 |
83.724 |
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 15:24(GMT) 121/11/2022