Crude Oil weekly special report based On 1 Lot Calculation:
SPECIAL REPORT: Crude Oil
DATE: March 28, 2023
EVENT: Channel Price Movement
TECHNICAL REVIEW:
- CHANNEL PRICE MOVEMENT: CRUDE OIL HAS BEEN TRADING IN THE RANGE OF $66 - $88. On the downside, the support area lies between $66 and $62, which was last tested in December 2021. On the upside, since November 2022, Crude Oil has faced strong resistance at $80.
Please note that past performance does not guarantee future results.
- MAIN PARAMETERS:
RESISTANCE: $80
REFERENCE PRICE: $73
SUPPORT: $66
- CHANNEL TRADING MAIN SCENARIOS:
- SCENARIO 1: IF CURRENT PRICE TRADES BELOW THE REFERENCE PRICE OF $73 (BETWEEN $66 AND $73), THEN AN UPWARD MOVEMENT MAY BE EXPECTED. TARGET: $80
- SCENARIO 2: IF CURRENT PRICE TRADES ABOVE REFERENCE PRICE OF $73 (BETWEEN $73 AND $80), THEN A DOWNWARD MOVEMENT MAY BE EXPECTED. TARGET: $66
GRAPH: Weekly Chart Crude Oil Price (2019- 2023)
Source: Fortrade MetaTrader4 Platform
- CURRENT PRICE: $73 - UPWARD MOVEMENT CALCULATION
Example of calculation based on weekly trend direction for 1 Lot1
|
CRUDE OIL |
||
|
|
||
|
Levels |
$80 |
$66 |
|
Profit or loss in $ |
6,760 |
-7,240 |
|
Profit or loss in €2 |
6,248 |
-6,692 |
|
Profit or loss in £2 |
5,493 |
-5,883 |
|
Profit or loss in C$2 |
9,225 |
-9,880 |
1. 1.00 lot is equivalent of 1000 units
2. Calculations for exchange rate used as of 09:00 (GMT+1) 28/03/2023
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account ManagerClient 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 ManagerClient Manager for more detail
- CURRENT PRICE: $73 - DOWNWARD MOVEMENT CALCULATION
Example of calculation based on weekly trend direction for 1 Lot1
|
CRUDE OIL |
||
|
|
||
|
Levels |
$80 |
$66 |
|
Profit or loss in $ |
-6,760 |
7,240 |
|
Profit or loss in €2 |
-6,248 |
6,692 |
|
Profit or loss in £2 |
-5,493 |
5,883 |
|
Profit or loss in C$2 |
-9,225 |
9,880 |
1. 1.00 lot is equivalent of 1000 units
2. Calculations for exchange rate used as of 09:00 (GMT+1) 28/03/2023
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account ManagerClient 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 ManagerClient Manager for more detail