WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 10/1/2019 - Continue rebound but watch out for RSI overbought

InvestorsDoctor
Publish date: Thu, 10 Jan 2019, 10:45 AM
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10/1/2019

 
*WTI Crude Oil Feb 19*
 
Previous Close: 52.36 +2.58
 
Oil rose jumped about 5% yesterday, hit nearly 1 month high and marked 7 straight sessions of gains on US-China trade talk while OPEC led crude output cut also provided support. However, EIA weekly data was less bullish as compared to API's data, be cautious of potential profit taking in short term.
 
Hourly chart formed higher highs & lows, more to bullish, but watch out for potential RSI overbought technical correction, next Fibo will be at around 54.50.
 
 *Classic Support & Resistance* 
Resistance: 53.27 54.55
Support: 50.17 48.34
 
 *Recommend Trading Plan for the day:* 
1. Look for buy signal above 52.59.
 
*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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