WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 3/12/2018 - Strong rebound to above 53, close above 53.40 to trigger more upside

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Publish date: Mon, 03 Dec 2018, 11:03 AM
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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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