WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 29/8/2019 - Bullish weekly stock data pushed oil prices higher, but limited by increasing production

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Publish date: Thu, 29 Aug 2019, 10:51 AM
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29/8/2019
 
*WTI Crude Oil Oct 19*
 
Previous Close: 55.78 +0.85
 
Oil prices rose more than 1% yesterday as supported by bullish weekly stock data but gains were limited by increasing production.
 
Daily chart move in descending triangle pattern, wait for more breakout.
 
 *Classic Support & Resistance* 
Resistance: 56.80 57.50
Support: 55 53.60
 
 *Recommend Trading Plan for the day:* 
1. Sell 55.33, stop 55.46, profit 55.20/55.07/54.94
2. Buy 56.04, stop 55.91, profit 56.17/56.3/56.43
 
*WTI Oil Margin Requirement (per lot)* 
WTI Crude : USD 4015
Mini Crude : USD 2007.50
 
Disclaimer: For idea sharing only, trade at your own risk
 
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