NEWS: The Crude Oil price is dropping 1.50%, testing its lowest price in almost seven weeks, as investors remained concern over China’s oil demand outlook.
Possible Scenarios:
If Crude Oil fails to break below Support 1 of 76.10, our Research Department expects Crude Oil to undergo a short- term upward correction.
If Crude Oil manages to break below Support 1 of 76.10, our Research Department expects Crude Oil to extend its losses to its Support 2 of 75.53.
Support and Resistance Levels:
CRUDE OIL |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
74.96 |
75.53 |
76.10 |
76.86 |
77.62 |
78.19 |
78.76 |
Potential Profit or Potential Loss Calculations:
10 cents per 1 trading lot* |
USD |
EUR** |
GBP*** |
(+/-)100$ |
(+/-)92.26€ |
(+/-)77.62£ |
* 1 trading lot is equivalent of 1,000 units
** EUR/USD = 1.08381
***GBP/USD= 1.28820
Calculations for exchange rate used as of 10:30 (GMT+1) 25/07/2024