WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 7/12/2018 - EIA surprise draw in weekly crude oil stock supported price

InvestorsDoctor
Publish date: Fri, 07 Dec 2018, 12:11 PM
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7/12/2018

 
*WTI Crude Oil Jan 19*
 
Previous Close: 51.49 -0.22
 
Oil once test around 50 level support after OPEC postpone the meeting but recovered part of losses as supported by bullish EIA weekly crude oil stock data. Watch out for US oil rig count on 2am tomorrow.
 
Hourly chart showed oil entering sideway, but more to bearish as price below BB, watch out for potential RSI bullish divergence.
 
 *Classic Support & Resistance* 
Resistance: 53.3 54.55
Support: 49.41 45.58
 
 *Recommend Trading Plan for the day:* 
1. Buy 51.37 for technical rebound, stop 51.27, profit 51.47/51.57.
2. Look for sell signal below 51.09
 
*WTI Oil Margin Requirement (per lot)* 
WTI Crude : USD 4015
Mini Crude : USD 2007.5
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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