WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 4/11/2019 - Strong V shape rebound, above 57 for more upside

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Publish date: Mon, 04 Nov 2019, 10:58 AM
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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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