WTI Crude Oil Updates

27 Oct - WTI Oil Breakup with Bullish Catalyst

InvestorsDoctor
Publish date: Fri, 27 Oct 2017, 05:32 PM
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27/10/2017

WTI Crude Oil Dec 17

Yesterday Close: 52.82

Oil closed at 27 month high on Thursday trading as market focused on comments from Saudi about ending a global supply glut. Oil price volatility is expected to persist in the run-up to the November OPEC meeting. Saudi bullish stance together with ongoing geopolitical tensions in the Middle East continue to support the oil price.

Based on the hourly chart, oil price breakout from the “triangle” formation. Both price and RSI making higher high and higher low. Price reflect the bullish catalyst. If price trade higher than last month high 53.11 will further confirm the bullishness.

 

Price Level to monitor today:

Support: 52.27 & 51.91

Resistance 52.85 & 53.11

 

Recommended Trading Plan Today:

1.       Buy if price make higher high 52.87, stop at the recent low, profit target based on 1 risk reward ratio.

2.       Look for Sell setup if price fall back to “triangle” formation.

 

WTI Oil Margin Requirement (per lot)

WTI Crude    : USD 2475

Mini Crude    : USD 1237.50

 

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