31/5/2018
WTI Crude Oil Jul 18
Previous Close: 68.08 +1.35
Crude oil surged on yesterday to above 68 despite an unexpected increase in US crude oil inventories, reported by API. Crude oil price was supported after Russian central bank said falling oil price would pose a risk to their financial sector. Watch out for EIA crude oil inventories data at 11pm tonight.
Daily chart formed a 1st white candle yesterday, wait today closing to form a technical rebound signal, overall still ina correction stage while technical indicators crossing down, may test further support level. Hourly chart show a breakout rebound from consolidation stage with a retracement from RSI overbought now.
Classic Support & Resistance
Resistance: 69.57 70.80
Support: 66.72 65.80
Recommend Trading Plan for the day:
1. Look for sell signal below 67.88.
2. Look for buy signal above 68.67.
WTI Oil Margin Requirement (per lot)
WTI Crude : USD 2695
Mini Crude : USD 1347.50
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