Another change in margin requirements for oil
Another change in margin requirements for oil: starting from today, Maintenance margin is 3450 USD.
WTI quotes are now trading a little higher than the strong support Target Zone 2 [67.25 – 66.91], rearranged, according to the new oil margin requirements. The downtrend will extend if the zone is broken out with consolidation below. In this case, the target will be TZ 3 [63.80 – 63.46].
In one-hour oil price chart, the short-term downtrend is developing.
Intermediary Zone [68.09 – 67.92] was tested yesterday at the US session. The zone was held; so, we are looking for the pattern today, and selling, provided the pattern emerges. Sell targets will be yesterday’s low and Gold Zone 2 [65.35 – 65.28].
Alternative scenario: buy WTI up to Target Zone [70.00 – 69.65] if the price is consolidated above level 68.09.
Today's trading tips for WTI:
Sell according to the pattern inIntermediary Zone [68.09 – 67.92]. TakeProfit: 66.30, Gold Zone 2 [65.35 – 65.28]. StopLoss: according to the pattern rules.
Gold price broke out Target Zone 4 [1241.2 – 1238.1] and consolidated below. The next target is TZ 5 [1210.2 – 1207.1]. We should look for sells at good prices, so, expect correction.
Let’s analyze gold price chart in the shorter timeframe.
The gold local trend is downward. Buyers tried to test we will look for sells at good prices at the US session yesterday, and at the Asian session today. They didn’t succeed. The price hasn’t even touched the internal border of the zone in the chart.
Therefore, if yesterday’s low is renewed, we will rearrange the resistances; and if the price again approaches AZ, I recommend waiting until it is broken out and trade in the correction up to the key resistance [1238.1 – 1236.6].
Today's trading tips for XAUUSD:
- Sell according to the pattern in Intermediary Zone [1238.1 – 1236.6]. TakeProfit: 1222.1, Gold Zone [1219.4 – 1217.9]. StopLoss: according to the pattern rules.
- Aggressively: buy if Additional Zone [1229.6 – 1228.8] is broken out. TakeProfit: Intermediary Zone [1238.1 – 1236.6]. StopLoss: beyond the nearest extreme.
Silver price has consolidated below the strong support Target Zone 2 [15.83 – 15.75]. The next sell target for silver is Target Zone 3 [15.11 – 15.03].
Silver short-term trend is downward. At the very end of the US trading session, Additional Zone [15.54 – 15.52] was tested. Now, the sellers are responding.
The local downward targets are:
- Breaking through Wednesday's low
- Reaching Target Zone 3 [15.11 – 15.03]
If the price goes back above Gold Zone 2 [15.47 – 15.43], we will expect the key resistance [15.74 – 15.71] test.
Today's trading tips for XAGUSD:
- Don’t close sell positions in Additional Zone [15.54 – 15.52]. TakeProfit: 15.38, Target Zone 3 [15.11 – 15.03]. StopLoss: at breakeven.
- Sell according to the pattern in Intermediary Zone [15.74 – 15.71]. TakeProfit: Gold Zone [15.47 – 15.43], Target Zone 3 [15.11 – 15.03]. StopLoss: according to the pattern rules.
IZ - Intermediary Zone: responsible for the price momentum reversing.
TZ - Target Zone: a zone that is 75% likely to be reached after IZ breakout.
GZ - Gold Zone: zone in the medium-term momentum.
All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.
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Price chart of USCrude in real time mode
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