Crude oil price is expected to go up due to events that will affect the price.

CRUDE, December 7, 2022
Current Price:  74,42$

Trend direction: UP

CRUDE	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
	83,42$	80,51$	76,38$	73,61$	71,92$	69,48$

• EVENT - US BUREAU OF LABOR STATISTICS ANNOUNCES US PRODUCER PRICE INDEX (PPI) (December 9, Friday):  Producer Price Index (PPI) data is to be announced this Friday by US Bureau of Labor Statistics. Data is expected to stay unchanged in November with 0,2%. Thus, the DXY is forecasted to decline which may create a buy opportunity in Crude Oil.
• RECESSION TALK WEIGHS ON COMMODITIES:  Future economic growth prospects were in focus, following comments from financial titans pointing toward uncertain times ahead. Bank of America Corp's chief executive predicted three quarters of mild negative growth next year, while JPMorgan Chase and Co's CEO Jamie Dimon said inflation will erode consumer spending power and that a mild to more pronounced recession was likely ahead. Money market bets are pointing to a 91% chance that the Fed might raise rates by 50 basis points at its Dec. 13-14 policy meeting, with rates expected to peak at 4.98% in May 2023.
• CRUDE OIL APPROACHES NEAR ONE YEAR LOW ON WORRIES OVER FED:  Oil prices continued to decline, nearing a one-year low and losing some 7% on the week, as fears mounted over the possibility of the Federal Reserve turning aggressive on interest rates again in the coming year as U.S. economic data suggested unrelenting pressure on inflation. Despite Moscow's loud protestations over the price cap imposed by the west on its oil and the so-called ban on Russian oil by the European Union, traders appeared to accept the idea that there would not be any significant supply shortages in the near future.
• AHEAD OF RUSSIAN SANCTIONS, OPEC+ DECIDED TO STICK TO ITS EXISTING POLICY OF REDUCTION: OPEC+, on its end,
  left production by the 23 oil producers in its alliance unchanged when the group met on Sunday. Petroleum exporting countries announcement in October a 2 million-barrels-per-day reduction that is to last through 2023 stay unchanged. Since Sunday’s meeting yielded nothing, crude prices unsurprisingly fell.
• ANALYST OPINION: PRICE EXPECTATIONS: JPMORGAN  forecasts 90$, GOLDMAN SACHS forecasts 100$, MORGAN
  STANLEY forecasts 110$ by the end of 2023 Q1.
   

CRUDE weekly uptrend opportunity based On 1.00 Lot Calculation:

CRUDE

Pivot Points	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
Profit or loss in $	9000	6090	1960	-810	-2500	-4940
Profit or loss in €	8555	5789	1863	-770	-2376	-4696
Profit or loss in £	7370	4987	1605	-663	-2047	-4045

• Calculations for exchange rate used as of December 7, 16:01 (GMT+1)
• 1.00 lot is equivalent of 1000 USD.

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