WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 12/12/2018 - In sideway, watch out weekly data and OPEC report

InvestorsDoctor
Publish date: Wed, 12 Dec 2018, 10:43 AM
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12/12/2018

 
*WTI Crude Oil Jan 19*
 
Previous Close: 51.65 +0.65
 
Oil edged higher yesterday and rebound to above 52 this morning after a recovery in index markets. Today watch out for OPEC monthly report on 720pm and EIA weekly crude inventories data on 1130pm.
 
Hourly chart still in a sideway from 49.41-54.55. Fibo retracement suggested that close above 61.8 around previous high of 52.81 likely to retest above 54.
 
 *Classic Support & Resistance* 
Resistance: 52.81 54.55
Support: 50.53 49.41 
 
 *Recommend Trading Plan for the day:* 
1. Look for buy signal above 52.81
2. Look for sell signal below 51.26
 
*WTI Oil Margin Requirement (per lot)* 
WTI Crude : USD 4702.5
Mini Crude : USD 2350.7
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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