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Crude Oil

Market Opportunities - 08/09/2020

08 September, 2020

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible opportunity for profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

Crude Oil downtrend opportunity based On 1.00 Lot Calculation:

  • Crude Oil extended fall on September 8, to lose around 3.0%, trying to establish below the mark of 39.00.
  • Crude Oil remained under pressure due to expectations for lower demand in the period ahead as the US summer driving season ended with the Labor Day Holiday (September 7). In addition to that, Saudi Aramco cut its October official selling price to Asia by more than expected, due to expectations for slower demand recovery as COVID-19 cases resurged in some parts of the world.
  • China, the second largest oil consumer in the world, on the other hand, is expected to reduce oil import in September, which is another signal for possible lower oil demand in the period ahead.

Crude Oil, September 8, 2020
Current Price: 38.50

Crude Oil

Weekly

Trend Direction

DOWN

Resistance 3

41.00

Resistance 2

40.50

Resistance 1

40.00

Support 1

37.00

Support 2

36.00

Support 3

35.00

Example of calculation base on weekly trend direction for 1.00 Lot*

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

-2,500.00

-2,000.00

-1,500.00

1,500.00

2,500.00

3,500.00

Profit or loss Short in €**

-2,115.94

-1,692.75

-1,269.56

1,269.56

2,115.94

2,962.31

Profit or loss Short in £**

-1,905.43

-1,524.34

-1,143.26

1,143.26

1,905.43

2,667.60

Profit or loss Short in C$**

-3,283.10

-2,626.48

-1,969.86

1,969.86

3,283.10

4,596.34

* 1.00 lot is equivalent of 1000 units
** Calculations for exchange rate used as of 9:45 a.m. (GMT+1) 08/09/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more details

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