NEWS: Crude oil price increased 0.5% as the limited supply and big demand overshadowed the rising number of cases of the highly contagious Omicron variant of the coronavirus.
Possible Scenarios:
If Crude oil fails to breach through R1 of 83.385, our Research Department expects the Crude oil to undergo a short-term downward correction.
If Crude oil manages to break above its R1 of 83.385, our Research Department expects the Crude oil to extend its gains to its R2 of 84.117.
Support and Resistance Levels:
Crude oil |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
79.972 |
80.703 |
81.435 |
82.410 |
83.385 |
84.117 |
84.848 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €88 |
(+/-) £73.42 |
*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.14632
***GBP/USD = 1.37320
Calculations for exchange rate used as of 8:15 (GMT) 13/1/2022