WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 9/12/2019 - OPEC production cut lifted price higher

InvestorsDoctor
Publish date: Mon, 09 Dec 2019, 11:39 AM
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9/12/2019
 
*WTI Crude Oil Jan 20*
 
Previous Close: 59.20 +0.77
 
Oil moved higher on last Friday as OPEC and its allies agreed to deepen oil production cuts to 500,000 barrels a day through to March 2020. This brings the total production cut to 1.7 million barrels a day.
 
Hourly chart formed higher highs & lows, more to bullish, but be cautious of RSI bearish divergence.
 
 *Classic Support & Resistance* 
Resistance: 59.90 61
Support: 57.70 56.80
 
 *Recommend Trading Plan for the day:* 
1. Buy 59.30, stop 59.17, profit 59.43/59.56/59.69
2. Sell 58.70, stop 58.83, profit 58.57/58.44/58.31
 
*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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