WTI Crude Oil Updates

[Oil Futures] - Remain in Range

InvestorsDoctor
Publish date: Thu, 15 Mar 2018, 12:21 PM
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Following Message
15/3/2018
 
WTI Crude Oil May 18
 
Previous Close: 61.02 +0.27
 
 
Please be noted that WTI crude Apr 18 contract will be expired on 20/3, traders may choose to trade May 18 contract. Crude oil ended higher yesterday as larger than expected decrease of gasoline inventories offset bearish crude oil inventories. Today watch out for IEA monthly report at 5pm.
 
 
OPEC said in its monthly report that supply from non-OPEC is likely to grow by 1.66 million barrels per day (bpd) in 2018, almost double the growth it predicted in November, largely due to rising US supply. Based on fundamental, surging US crude production may cap upside of crude oil.
 
In daily chart, crude oil remains in triangle sideway pattern, wait for breakout, but technical indicators pointed more to downside. In hourly chart, there is a bullish RSI divergence, watch out for potential technical rebound.
 
 Price Level to monitor today: 
Resistance:   61.97 62.58 63.28
Support:    59.72 58.07
 
 Recommend Trading Plan for the day: 
1. Buy 61.13, stop 60.99, profit 61.27/61.41.
2. Sell 60.99, stop 61.13, profit 60.85/60.71.
 
WTI Oil Margin Requirement (per lot) 
WTI Crude : USD 2310
Mini Crude : USD 1155
 
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