4/11/2019
*WTI Crude Oil Dec 19*
Previous Close: 56.20 +2.02
Oil prices rose nearly 4% on last Friday on signs of progress in US-China trade talks and stronger-than-expected economic data in both countries, including US employment and Chinese manufacturing activity numbers.
Hourly chart formed a strong V shape rebound to test 57 previous high, but be cautious as RSI in overbought.
*Classic Support & Resistance*
Resistance: 57 58
Support: 55 53.70
*Recommend Trading Plan for the day:*
1. Sell 55.85, stop 55.98, profit 55.72/55.59/55.46
2. Buy 56.44, stop 56.31, profit 56.57/56.70/56.83
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 4785
Mini Crude : USD 2392.50
Disclaimer: For idea sharing only, trade at your own risk
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