13/2/2019

*WTI Crude Oil Mar 19*

Previous Close: 53.10 +0.69

Please be noted that Mar 19 contract will be expired on next Wed 20/2, traders may choose to trade Apr 19. Oil rose more than 1% after OPEC monthly report showed it cut production sharply in Jan 19 & surprise decline in API weekly crude oil stock. Watch out for IEA monthly report & EIA weekly crude oil stock data on 1130pm tonight.

Hourly chart showed crude oil testing 61.8 Fibo retracement level of swing 55.75-51.23 which is around 54, close baove 54 to trigger more upside.

*Classic Support & Resistance*
Resistance: 54.30 55.75
Support: 52.53 51.23

*Recommend Trading Plan for the day:*
1. Look for buy signal above 54.05.
2. Look for sell signal below 52.95.

*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 4290
Mini Crude : USD 2145

Disclaimer: Idea sharing only, trade at your own risk.

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