23/3/2018

 

WTI Crude Oil May 18

 

Previous Close: 64.3 -0.87

 

Crude oil fell to below 65 yesterday as dragged down by US stock market. This morning oil price see a strong rebound after Saudi said they plans for OPEC and Russian led production curbs introduced in 2017 to be extended into 2019 in order to tighten the market.

 

Hourly chart show a retracement from RSI overbought but still in higher high territory, there is potential to test yesterday high at 65.74.

 

 Classic Support & Resistance 

Resistance:  65.74 66.66

Support:    64.11 63.23

 

 Recommend Trading Plan for the day: 

1. Sell 64.97, stop 65.18, profit 64.76/64.55

2. Look for buy signal if break above 65.74.

 

WTI Oil Margin Requirement (per lot) 

WTI Crude : USD 2310

Mini Crude : USD 1155

 

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