3/12/2019
*WTI Crude Oil Jan 20*
Previous Close: 55.96 +0.79
Oil gained more than 1% yesterday on hints the OPEC and its allies may agree to deepen output cuts at a meeting this week. Watch out for crude oil stock data on 530am tomorrow.
Hourly chart rebounded from RSI oversold, which is also near to previous low, may continue to move in range.
*Classic Support & Resistance*
Resistance: 56.70 58.30
Support: 54.80 53.70
*Recommend Trading Plan for the day:*
1. Buy 56.20, stop 56.07, profit 56.33/56.46/56.59
2. Sell 55.92, stop 56.05, profit 55.79/55.66/55.53
*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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