Crude Oil weekly special report based on 1.00 Lot Calculation:
TECHNICAL ANALYSIS:
- CRUDE OIL PRICES HAVE TESTED THEIR LOWEST LEVELS IN 16 MONTHS ON SEPTEMBER 10 ($65.255). Crude oil has managed to re-test the level of $72 meanwhile, marking an increase of 10.33% over the past three weeks.
- CRUDE OIL PRICES HAVE TESTED THE MARK OF $70 (OR NEAR) 12 TIMES SINCE 2021. This is the 13th time that the Crude Oil prices are testing levels near the mark of $70.
GRAPH (Daily): July 2021 – October 2024
Please note that past performance does not guarantee future results
- 2021- 2024 STATISTICS: CRUDE OIL TENDS TO RECOVER BY AROUND 15% AFTER TESTING THE MARK OF $70 OR NEAR IT.
DATA SOURCE: Fortrade MetaTrader 4
Please note that past performance does not guarantee future results
GEOPOLITICS
- BREAKING (OCTOBER 1): IRAN LAUNCHED A MISSILE ATTACK AGAINST ISRAEL TO SEND CRUDE OIL PRICES UP BY AROUND 7%. According to Reuters, fears rose that Israel could be targeting the Iranian oil infrastructure next. Iran, on the other hand, said if Israel targets their oil infrastructure then Iran will target the oil infrastructure of other oil producers in the region such as Saudi Arabia.
- IRANIAN OIL INDUSTRY: IRANIAN OIL PRODUCTION: Iran produces 3.4 million barrels a day of oil (that compared to Saudi’s 8.9 million, US 13.2 million and Russia’s near 10 million barrels a day of oil). This represents 3.51% of total global production. IRANIAN OIL EXPORTS: Iran exports 1.6 million barrels a day of oil. This represents 4.57% of total global oil exports.
EVENTS
- WEDNESDAY, OCTOBER 2: OPEC+ JOINT MINISTERIAL MONITORING COMMITTEE (JMMC) MEETING. The meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ countries is scheduled for October 2. The markets could expect to see higher volality in oil due to potential statements after the meeting.
- WEDNESDAY, OCTOBER 2 at 15:30 GMT+1: US GOVERNMENT WEEKLY OIL INVENTORY DATA. The market expected to see a decline of 1.5 million barrels for the past week.
ANALYST OPINION:
- INVESTMENTS BANKS IN THE USA EXPECT HIGHER OIL PRICES. The big banks on Wall Street such as Morgan Stanley, Goldman Sachs, JPMorgan and UBS, expected Crude Oil to return into the channel between 70 and 80, targeting an average price range of $75.12 and $78.12. However, the price could decline.
Please note that past performance does not guarantee future results
Crude Oil, October 2, 2024
Current Price: 71.20
|
Crude Oil |
Weekly |
|
Trend direction |
|
|
85.00 |
|
|
80.00 |
|
|
76.00 |
|
|
67.00 |
|
|
66.00 |
|
|
65.00 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
Crude Oil |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
13,800 |
8,800 |
4,800 |
-4,200 |
-5,200 |
-6,200 |
|
Profit or loss in €2 |
12,466 |
7,949 |
4,336 |
-3,794 |
-4,697 |
-5,601 |
|
Profit or loss in £2 |
10,382 |
6,621 |
3,611 |
-3,160 |
-3,912 |
-4,664 |
|
Profit or loss in C$2 |
18,613 |
11,869 |
6,474 |
-5,665 |
-7,014 |
-8,363 |
1. 1.00 lot is equivalent of 1000 units
2. Calculations for exchange rate used as of 10:00 (GMT+1) 02/10/2024
There is a possibility to use Stop-Loss and Take-Profit.
- You may wish to consider closing your position in profit, even if it is lower than the suggested one.
- Trailing stop technique could protect the profit.