WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 20/11/2019 - Drag down by larger crude oil stock

InvestorsDoctor
Publish date: Wed, 20 Nov 2019, 11:25 AM
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20/11/2019

*WTI Crude Oil Jan 20*

Previous Close: 55.35 -2.48

Oil fell more than 3% yesterday on concerns about excess global crude supply, after API reported larger than expected stock build. Watch out for EIA weekly data on 1130pm tonight.

Hourly chart formed a sharp correction yo RSI oversold, close below 55 for more downside.

*Classic Support & Resistance*
Resistance: 57.20 58.20
Support: 53.70 52.80

*Recommend Trading Plan for the day:*
1. Buy 55.60, stop 55.47, profit 55.73/55.86/55.99
2. Sell 55.15, stop 55.28, profit 55.02/54.89/54.76

*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 4400
Mini Crude : USD 2200

Disclaimer: For idea sharing only, trade at your own risk

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