14/3/2019

*WTI Crude Oil Apr 19*

Previous Close: 58.26 +1.39

Please be noted that Apr 19 contract will be expired on next Wed 20/3, traders may choose to trade May 19. Oil hit 4 months high to above 58 last night as boosted by more to bullish EIA weekly data. Watch out for OPEC monthly report on 7pm.

Daily chart formed higher highs & lows, inverted H&S rebound signal resumed, with potentially more upside to test 50-61.8 Fibo retracement level of swing 76.9-42.36 around 59.63/63.71. Be cautious as hourly chart in RSI overbought.

*Classic Support & Resistance*
Resistance: 59.35 61.28
Support: 56.77 54.52

*Recommend Trading Plan for the day:*
1. Buy 58.50, stop 58.37, profit 58.63/58.76/58.89.
2. Sell 58.25 for technical correction, stop 58.38, profit 58.12/57.99/57.86.

*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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