WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 22/11/2019 - OPEC comments on production cut sent oil prices higher

InvestorsDoctor
Publish date: Fri, 22 Nov 2019, 10:38 AM
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22/11/2019

*WTI Crude Oil Jan 20*

Previous Close: 58.58 +1.57

Oil prices rose more than 2% yesterday, following a Reuters report that OPEC and its allies are likely to extend output cuts until mid 2020.

Hourly chart hit near 2 month high, more to bullish, but be cautious as RSI in overbought.

*Classic Support & Resistance*
Resistance: 59.50 61
Support: 56.60 54.80

*Recommend Trading Plan for the day:*
1. Sell 58.20, stop 58.33, profit 58.07/57.94/57.81
2. Buy 58.68, stop 58.55, profit 58.81/58.94/59.07

*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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