19/4/2018

Oil May 18

Previous Close: 66.67 +2.08

Oil extended gains above $68 a barrel as stockpiles of crude and refined products in the U.S. fell to a three-year low in a sign that OPEC-led supply cuts aimed at clearing a glut are yielding results. Total stockpiles of crude and products fell by 10.58 million barrels to the lowest level since 2015, according to Energy Information Administration data. U.S. Oil is trading at the highest levels in more than three years ahead of a meeting between the Organization of Petroleum Exporting Countries and allies in Saudi Arabia on April 20.

The producer group and Russia will focus on ways of prolonging their cooperation, and may include talks on new inventory targets that extend the cuts beyond this year, as well as laying the foundation for an alliance that will last for years.

Wave & Fibo projection

Major Impulsive Swing  : Bullish with long term target at 83.40

Minor Swing       : Impulsive Bull Swing target at 70.26

Current Swing   : Correction size between 68.41 to 68.09

Classic Support & Resistance

Resistance:  68.95, 69.73

Support:   68.62, 67.59

Recommend Trading Plan for the day

1. Buy stop if price breakout 68.95, stop and target to be confirm.

2. Not recommend to sell if price above 67.59

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