11/6/2018

WTI Crude Oil Jul 18

Previous Close: 65.74 -0.21

Crude oil erased its gains and ended slightly lower below 66 as JP Morgan cut oil price forecast and slowing demand from China.

Daily chart show crude oil continue to hover around 50% retracement of previous swing, wait for breakout, but trend still in correction. Hourly chart show a technical rebound from RSI bullish divergence, required to close above 66.24 higher high to trigger further rebound signal.

Classic Support & Resistance
Resistance: 66.24 67.34
Support: 64.22 63.20

Recommend Trading Plan for the day:
1. Trade in 65-66, wait for breakout.

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

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