WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 12/7/2019 - Hit more than 1 month high on bullish crude oil stock & stock market

InvestorsDoctor
Publish date: Fri, 12 Jul 2019, 11:32 AM
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12/7/2019
 
*WTI Crude Oil Aug 19*
 
Previous Close: 60.20 -0.23
 
Oil prices eased yesterday as OPEC forecast slower demand for its crude next year, but crude futures hovered at near the highest in more than a month as oil rigs in the Gulf of Mexico were evacuated ahead of a storm.
 
Daily chart showed crude oil testing 61.8 Fibo retracement level of swing 66.60-50.60, close above that level to trigger more upside, but be cautious as RSI in overbought in shorter time frame.
 
 *Classic Support & Resistance* 
Resistance:  63.81 66.60
Support:  56.04 53.28
 
 *Recommend Trading Plan for the day:* 
1. Buy 60.95, stop 60.82, profit 61.08/61.21/61.34
2. Sell 60.13 for technical correction, stop 60.26, profit 60/59.87/59.74
 
*WTI Oil Margin Requirement (per lot)* 
WTI Crude : USD 4015
Mini Crude : USD 2007.50
 
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