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19/7/2019
*WTI Crude Oil Sep 19*
Previous Close: 55.42 -1.5
WTI marked 6 days of losses in a row with near 1 month low as weighed down by weakness in US equities markets and an expectation that crude output would rise in the Gulf of Mexico following last week’s hurricane in the region. However, stock & oil market showed rebound this morning with oil testing above 56 level.
4H chart showed oil testing 38.2 Fibo retracement level around 54.80 and rebound, which is also RSI oversold.
*Classic Support & Resistance*
Resistance: 57.50 58.50
Support: 54.80 53.60
*Recommend Trading Plan for the day:*
1. Buy 56.50 for rebound, stop 56.37, profit 56.63/56.76/56.89
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 4015
Mini Crude : USD 2007.50
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