WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 16/1/2019 - Testing rebound, watch out for EIA weekly report & OPEC monthly report

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Publish date: Wed, 16 Jan 2019, 09:59 AM
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16/1/2019

 
*WTI Crude Oil Feb 19*
 
Previous Close: 52.11 +1.33
 
Oil rose to above 52, along with world stock market as supported by China's plan to introduce policies to stabilize a slowing economy, despite API weekly crude oil stock decrease lesser compare to previous week. Watch out for EIA weekly data on 1130pm tonight.
 
Hourly chart showed crude oil testing rebound with now move in 38.2-61.8 Fibo retracement range of swing 53.31-50.38, close above 52.36 to trigger more upside.
 
 *Classic Support & Resistance* 
Resistance: 52.36 53.31
Support: 51.55 50.38
 
 *Recommend Trading Plan for the day:* 
1. Look for buy signal above 52.36
 
*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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