WTI Crude Oil Updates
Daily Futures Commentaries: [WTI Crude Oil] 19/11/2018 - Technical rebound stage intact but bearish fundamental likely to limit upside
InvestorsDoctor
Publish date: Mon, 19 Nov 2018, 10:16 AM
InvestorsDoctor
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19/11/2018
*WTI Crude Oil Jan 19*
Previous Close: 56.68 +0.24
Oil pulled back its gains from above 58 on last Friday, after earlier rising on expectations that OPEC and its allies would agree to cut output next month as oil price remain under pressure on concerns that the global market is oversupplied.
Hourly chart showed crude oil remains in technical rebound stage, move in bollinger band channel with now testing 61.8 Fibo retracement level of swing 58.16-56.12.
*Classic Support & Resistance*
Resistance: 58.16 59.51
Support: 55.72 54.90
*Recommend Trading Plan for the day:*
1. Buy 57.50, stop 57.35, profit 57.65/57.80.
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 3410
Mini Crude : USD 1705
Disclaimer: Idea sharing only, trade at your own risk.
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