Crude Oil WTI (Effective Commentary) with Plan

Oil market a high of 57.48 and a low of 56.94 on Friday. Oil prices inched down on Monday in Asia despite positive trade news. Chinese state media Xinhua reported that Chinese Vice Premier Liu He discussed a partial deal with U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer in a phone call on the weekend. The two sides had “constructive discussions” about “each other’s core concerns,” the article said. The USTR confirmed the call took place. Asian stocks received a boost following the news, but oil prices were little impacted. U.S. Crude Oil WTI Futures were unchanged at $57.83, while international Brent Oil Futures slipped 0.1%. A monthly report from the International Energy Agency (IEA) were cited as a potential catalyst for the selling today. The IEA estimated that non-OPEC supply growth would grow to 2.3 million barrels per day (bpd) next year compared with 1.8 million bpd in 2019.

Resistance 1 58.60
Resistance 2 60.00
Resistance 3 61.20

Support 1:57.21
Support 2:56.50
Support 3:54.80

CURRENT PRICE 57.70
PIVOT POINT/TREND CHANGING PRICE :57.21
RECOMMENDATION:
Buy from current price 57.70 till Resistance 1,2,3 & If Price breaks Pivot 57.21 then Sell Oil till Support 2&3,