WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 21/12/2018 - Bearish and testing enter sideway

InvestorsDoctor
Publish date: Fri, 21 Dec 2018, 10:31 AM
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21/12/2018

 
*WTI Crude Oil Feb 19*
 
Previous Close: 45.88 -2.29
 
Oil fell nearly 5%, hit new low since Jul 17 on worries of oversupply and weighed down by weak stock market. Watch out for US oil rig count data on 2am tomorrow.
 
Hourly chart's lower highs & lows indicated a bearish trend with now enter a range but upside likely limited as technical indicators still crossing down.
 
 *Classic Support & Resistance* 
Resistance: 48 49.59
Support: 45.58 43.65
 
 *Recommend Trading Plan for the day:* 
1. Sell 46.55, stop 46.78, profit 46.32/46.09/45.86.
2. Look for techncial rebound buy signal above day high of 46.77.
 
*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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