WTI Crude Oil Updates

11 Oct - WTI Oil, Price Higher High Higher Low but RSI Overbought

InvestorsDoctor
Publish date: Wed, 11 Oct 2017, 02:27 PM
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Crude Oil Nov 17

 
Yesterday Close: 50.92 +1.34
 
 
 
Oil prices posted its best day in two weeks on yesterday after Saudi Arabia said it would cut oil exports by 560,000 barrels a day in November and OPEC urges US to help cap global oil supply too.
 
Hourly chart show oil price breakout from 49.80 to above 51, may test 51.22 previous high. RSI in overbought zone now may trigger a correction.
 
 
This week factors to watch:
 
1. OPEC monthly report, 7PM, Wednesday, 11 Oct
2. API weekly inventory, 435AM, Thursday, 12 Oct
3. IEA monthly report, 5PM, Thursday, 12 Oct
4. EIA weekly inventory, 11PM, Thursday, 12 Oct
 
 
Price Level to monitor today:
 
Support: 50.72 50.06 Resistance 51.22 51.77
 
Recommend Trading Plan for the day:
 
1. Buy at higher high 51.16 with stop at 50.97 or
2. If expect for a overbought correction, sell above 51 with stop at 51.16
 
WTI Oil Margin Requirement (per lot):
 
WTI Crude    : USD 2640
Mini Crude    : USD 1320
 
 

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