CRUDE OIL price falling -0.8%

Fast Moving Market - 23/07/2024

23 July, 2024

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 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.

NEWS: CRUDE OIL price falling -0.8%. Oil prices slipped lower falling to their weakest levels since mid-June on growing expectations of a Gaza ceasefire as well as uncertainty over demand growth.

Possible Scenarios:

if CRUDE OIL fails to breach through S1 of 77.373, our Research Department expects the CRUDE OIL to undergo a short- term upward correction.

If CRUDE OIL manages to break below its S1 of 77.373, our Research Department expects the CRUDE OIL to extend its losses to its S2 of 76.783

Support and Resistance Levels:

CRUDE OIL	S3	S2	S1	Reference Price	R1	R2	R3
CRUDE OIL	76.193	76.783	77.373	78.160	78.947	79.537	80.127

Potential Profit or Potential Loss Calculations:

10 cents per 1 trading lot*			USD	EUR**	GBP***
10 cents per 1 trading lot*			(+/-) $100	(+/-) €92.14	(+/-) £77.45

*1 trading lot is equivalent of 1000 units
**EUR/USD= 1.08525
***GBP/USD= 1.29110
Calculations for exchange rate used as of Tuesday, July 23, 2024, 15:20: AM

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