WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 1/8/2019 - Testing rebound, above 59 for more upside

InvestorsDoctor
Publish date: Thu, 01 Aug 2019, 11:21 AM
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1/8/2019
 
*WTI Crude Oil Sep 19*
 
Previous Close: 58.58 +0.53
 
WTI extended its gains last night as boosted by better than expected weekly crude oil stock decrease as reported by EIA. However, weak stock market dragged down oil prices this morning, close below 57 to trigger more downside.
 
Hourly chart retreated from RSI overbought, 57-59 wait for breakout.
 
 *Classic Support & Resistance* 
Resistance: 59 61
Support: 57 54.70 
 
 *Recommend Trading Plan for the day:* 
1. Buy 58 for rebound, stop 57.87, profit 58.13/58.26/58.39
2. Sell 57.42, stop 57.55, profit 57.29/57.16/57.03
 
*WTI Oil Margin Requirement (per lot)* 
WTI Crude : USD 4015
Mini Crude : USD 2007.50
 
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