3/12/2018
*WTI Crude Oil Jan 19*
Previous Close: 50.93 -0.52
Oil settled lower on last Friday but surged on this morning after Saudi & Russia agreed for supply cut and US & China reached a deal in trade talk. Watch out for coming OPEC meeting on 6 Dec Malaysia time.
Hourly chart formed a strong rebound to test 61.8 Fibo retracement level from high of 55.86, next target will be at 54.82. Trade with cautious as RSI in overbought.
*Classic Support & Resistance*
Resistance: 54.82 55.86
Support: 52.03 50.45
*Recommend Trading Plan for the day:*
1. Look for buy signal above 53.85.
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 4510
Mini Crude : USD 2255
Disclaimer: Idea sharing only, trade at your own risk.
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