21/2/2019

*WTI Crude Oil Apr 19*

Previous Close: 57.16 +0.71

Oil rose more than 1% yesterday to 3 months high as tracking strength in stock market despite API reported higher weekly oil stock build. Watch out for EIA weekly data on 12am tomorrow.

Daily chart formed a breakout from inverted H&S bullish pattern, triggered more upside to test 50%-61.8% Fibo retracement level of swing 76.01-43, but be cautious as RSI in overbought.

*Classic Support & Resistance*
Resistance: 58.70 60.11
Support: 55.66 54.62

*Recommend Trading Plan for the day:*
1. Look for buy signal above 57.60.

*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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