WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 5/12/2019 - Above 59 level to trigger more upside

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Publish date: Thu, 05 Dec 2019, 10:26 AM
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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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