WTI Crude Oil Updates

20 Oct - WTI Oil Trade at Lower Band, Potential to Retest 51.28

InvestorsDoctor
Publish date: Fri, 20 Oct 2017, 05:39 PM
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Following Message
20/10/2017
 
WTI Crude Oil Dec 17
 
Yesterday Close: 51.51 -0.75

Crude oil closed lower yesterday, despite backed up by bullish EIA weekly report that show oil inventories fell more than expectation. OPEC Secretary General Mohammad Barkindo, in a briefing with reporters yesterday, said that Russian President Vladimir Putin's suggestion this month that the deal could be extended to the end of 2018 were being taken "seriously".
 
Based on hourly chart analysis, oil price trades below middle of bollinger band, potentially retest previous low at 51.28.
 
Price Level to monitor today:
Support: 51.28 50.48
Resistance 51.90 52.65
 
Recommended Trading Plan Today:
Wait for sideway breakout signal, 
1. Sell 51.47 with stop at 51.68
2. Buy 51.68 with stop at 51.47
 
WTI Oil Margin Requirement (per lot)
WTI Crude    : USD 2475
Mini Crude    : USD 1237.50
 
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