WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 23/1/2019 - Enter technical correction, watch out Fibo retracement level

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Publish date: Wed, 23 Jan 2019, 10:55 AM
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23/1/2019

 
*WTI Crude Oil Mar 19*
 
Previous Close: 53.01 -1.21
 
Oil fell nearly 2% yesterday as dragged down by US stock market over the concerns of global economic slow down. Watch out for API weekly crude oil stock on 530am tomorrow.
 
Hourly chart showed crude oil rebound from 52 support level, which is also the 38.2 Fibo retracement level of swing 50.66-54.51, with a potential RSI hidden bullish divergence.
 
 *Classic Support & Resistance* 
Resistance: 53.81 54.51
Support: 52.04 51.29
 
 *Recommend Trading Plan for the day:* 
1. Look for buy signal above 53.18.
2. Look for sell signal below 52.04.
 
*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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