26/3/2018

 

WTI Crude Oil May 18

 

Previous Close: 65.88 +1.58

 

Oil climbed to a two-month high as Saudi Arabia intercepted ballistic missiles fired by Houthi forces in Yemen, fueling concern rising geopolitical risks will lead to supply disruptions in the oil-rich Middle East. Concern over a conflict with the world’s largest crude exporter overshadowed a pick up in drilling in the U.S., where rigs targeting oil expanded to 804, the highest since March 2015, according to Baker Hughes data released Friday. Meanwhile, China began its first ever crude- futures contract on Monday.

 

Oil day high near to previous high 66.66. Trader please monitor on the following week should a rally start when breakout this level or potential “double top” and fall into correction. The hourly chart remain bullish while please cautious of the mentioned formation.

 

 Classic Support & Resistance 

Resistance:  66.66

Support:    65.22 64.40 

 

 Recommend Trading Plan for the day: 

Please stay aside for further confirmation as price near to previous high 66.66.

 

WTI Oil Margin Requirement (per lot) 

WTI Crude : USD 2310

Mini Crude : USD 1155

 

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