5/6/2018

*WTI Crude Oil Jul 18*

Previous Close: 64.75 -1.06

Crude oil marked 3 days losses in a row, touched its lowest in nearly 2 months amid growing US production and possible global supply growth. Watch out for API weekly crude inventories data at 430am tomorrow.

Daily chart formed a three black crows bearish signal while technical indicators more to downside, however there is a bullish divergence in hourly chart, may trigger technical rebound signal, close above 66.04 to form the signal.

*Classic Support & Resistance*
Resistance: 66.04 67.34
Support: 64.12 63.20

*Recommend Trading Plan for the day:*
1. Buy 65.18 for technical rebound, stop 65.04, profit 65.32/65.46.
2. Look for sell signal if break below 64.57.

*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 2805
Mini Crude : USD 1402.5

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