11/4/2018

 

WTI Crude Oil May 18

 

Previous Close: 65.51 +2.09

 

Please be noted that May 18 contract settlement date is on 20 Apr, traders may choose to trade Jun 18. Crude oil marked for 2nd session of strong gains, with surged more than 3% as investors grew more confident that the US & China would resolve trade dispute without damaging global economy and as US President responded to a suspected chemical attack in Syria, lifted up tension in middle east.

 

However, API reported a bearish weekly crude oil stock while EIA monthly report expect surging US crude production in 2019, but increase demand forecast for 2018. Tonight watch out for EIA weekly crude inventories at 1030pm.

 

Daily chart formed a ascending triangle pattern with overall sideway to higher trend, close above 66.66 to trigger further up signal. In hourly chart, RSI in overbought and MACD test to cross down, be cautious of potential profit taking.

 

Classic Support & Resistance 

Resistance:  65.86 66.66

Support:    64.09 63.20

 

 Recommend Trading Plan for the day: 

1. Sell 65.29 for a technical correction, stop 65.45, profit 65.13/64.97.

2. Buy 65.45, stop 65.29, profit 65.61/65.77.

 

WTI Oil Margin Requirement (per lot) 

WTI Crude : USD 2310

Mini Crude : USD 1155

 

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