28/3/2018

 

WTI Crude Oil May 18

 

Previous Close: 65.25 -0.30

 

Crude oil settled lower on yesterday after API show below expected weekly crude oil stock, but remain above 65 level as concern of geopolitical tension. Crude oil break below 65 this morning, triggered a signal for further correction. Watch out for EIA crude oil inventories tonight 1030pm.

 

Daily chart show crude oil continue to move in sideway to higher pattern after it failed to sustain above 66.66 previous high, In hourly chart, correction may continue after a bearish divergence between RSI & chart pattern.

 

 Classic Support & Resistance 

Resistance:  65.67 66.66

Support:    64.11 63.23

 

 Recommend Trading Plan for the day: 

1. Buy 64.99 for a rebound, stop 64.79, profit 65.19/65.39.

2. Look for sell signal if break below 64.53.

 

WTI Oil Margin Requirement (per lot) 

WTI Crude : USD 2310

Mini Crude : USD 1155

 

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