WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 28/12/2018 - Trade in range 44-47 & watch out for inventory data

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Publish date: Fri, 28 Dec 2018, 10:12 AM
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28/12/2018

 
*WTI Crude Oil Feb 19*
 
Previous Close: 44.61 -1.61
 
Oil retreated from high of 47 and ended with losses below 45 yesterday over supply & demand concerns. Watch out for EIA weekly crude oil inventories on 12am and oil rig count on 2am tomorrow.
 
Hourly chart formed a retracement to test 38.2-61.8 Fibo of swing 42.36-47. close below 44 to trigger more downside.
 
 *Classic Support & Resistance* 
Resistance: 47 48
Support: 44.37 42.36
 
 *Recommend Trading Plan for the day:* 
1. Trade in range 44-47, wait for breakout.
 
*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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