26/2/2019
WTI Crude Oil Apr 19
Previous Close: 55.48 -1.78
Oil tumbled more than 3% yesterday after US President called on OPEC to ease its efforts to boost crude price, as the price now is getting too high. Watch out for API weekly crude oil stock on 530am tomorrow.
hourly chart formed a RSI overbought correction and now at RSI oversold, watch out for potential technical rebound. According to Fibo retracement of swing 51.62-57.81, next price level will be at around 54.72/53.98.
Classic Support & Resistance
Resistance: 56.36 57.81
Support: 53.33 51.62
Recommend Trading Plan for the day:
1. Sell 55, stop 55.20, profit 54.80/54.60/54.40.
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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