5/12/2019
WTI Crude Oil Jan 20
Previous Close: 58.43 +2.33
Oil jumped more than 4% yesterday, as a larger than expected drop in weekly crude oil stock and hopes of deeper production cuts from OPEC lifted prices.
Hourly chart formed a breakout to test 59 resistance level, but be cautious as RSI in overbought zone.
Classic Support & Resistance
Resistance: 59.50 61
Support: 56.80 55
Recommend Trading Plan for the day:
1. Sell 58.20, stop 58.33, profit 58.07/57.94/57.81
2. Buy 58.67, stop 58.54, profit 58.8/58.93/59.06
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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