Crude Oil price is rising 2.2%

Fast Moving Market - 16/09/2024

16 September, 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 rising 2.2% as investors turn optimistic ahead of Federal Reserve Interest Rate Cut Decision on Wednesday later this week.

Possible Scenarios:

If Crude oil fails to breach through R2 of 69.805, our Research Department expects Crude oil to undergo a short- term downward correction.

If Crude oil manages to break above its R2 of 69.805, our Research Department expects Crude oil to extend its gains to its R3 of 70.536.

Support and Resistance Levels:

Crude oil	S3	S2	S1	Reference Price	R1	R2	R3
Crude oil	65.664	66.395	67.126	68.100	69.074	69.805	70.536

Potential Profit or Potential Loss Calculations:

10 cents per 1 trading lot*	USD	EUR**	GBP***
10 cents per 1 trading lot*	(+/-) $100	(+/-) €89.83	(+/-) £75.73

*1 trading lot is equivalent of 1000 units
**EUR/USD = 1.11316
***GBP/USD = 1.32056
Calculations for exchange rate used as of Monday, September 16, 2024, 14:42 GMT+1

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