WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 12/3/2019 - Sideway to higher, wait for breakout for confirmation

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Publish date: Tue, 12 Mar 2019, 10:27 AM
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12/3/2019

 
*WTI Crude Oil Apr 19*
 
Previous Close: 56.79 +0.72
 
Crude oil rose more than 1% yesterday as lifted by comments that an end to OPEC supply cuts was unlikely before June 19. Watch out for API weekly crude oil stock data on 430am tomorrow.
 
Hourly chart formed a strong V shape rebound from around 50% Fibo retracement level of swing 51.23-57.88, back to sideway to higher trend, close above 57.88 to trigger more upside.
 
 *Classic Support & Resistance* 
Resistance: 57.88 59.35
Support: 56.30 55.71
 
 *Recommend Trading Plan for the day:* 
1. Buy 57.20, stop 57.04, profit 57.36/57.52/57.68.
 
*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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