Crude oil price is falling -2.7%

Fast Moving Market - 30/08/2024

30 August, 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 is falling 2.7% on reports that OPEC+ would proceed with planned output hike from October.

Possible Scenarios:

If Crude oil fails to breach through S1 of 74.074, our Research Department expects Crude oil to undergo a short- term upward correction.

If Crude oil manages to break below its S1 of 74.074, our Research Department expects Crude oil to extend its losses to its S2 of 73.380.

Support and Resistance Levels:

Crude oil	S3	S2	S1	Reference Price	R1	R2	R3
Crude oil	72.685	73.380	74.074	75.000	75.926	76.621	77.315

Potential Profit or Potential Loss Calculations:

10 cents per 1 trading lot*	USD	EUR**	GBP***
10 cents per 1 trading lot*	(+/-) $100	(+/-) €90.4	(+/-) £76.11

*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.10614
***GBP/USD = 1.31396
Calculations for exchange rate used as of Friday, August 30, 2024, 14:09 GMT+1

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