5/11/2019
*WTI Crude Oil Dec 19*
Previous Close: 56.54 +0.34
Oil prices erased its gains from above 57.40 to near 56.50 level, yet slightly higher than previous session close as supported by bullish stock market and optimism on US-China trade deal. Watch out for API weekly crude oil stock data on 530am.
Hourly chart formed higher highs & lows, more to bullish, close above 57.40 for more upside.
*Classic Support & Resistance*
Resistance: 57.4 58
Support: 55.80 55
*Recommend Trading Plan for the day:*
1. Buy 56.60, stop 56.47, profit 56.73/56.86/56.99
2. Sell 56.30, stop 56.43, profit 56.17/56.04/55.91
*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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