12/6/2018

*WTI Crude Oil Jul 18*

Previous Close: 66.10 +0.36

Crude oil showed some recovery yesterday after Iraq oil minister said that oil price still require support, cast doubt as to whether the OPEC would decide to boost output. Today watch out for OPEC monthly report at 720pm & API weekly crude inventories at 430am tomorrow.

Both daily & hourly charts show crude oil testing rebound after hit lower lows. Watch out for potential hidden divergence in daily chart if RSI formed lower low while price go higher low.

*Classic Support & Resistance*
Resistance: 67.34 68.67
Support: 64.22 63.20

*Recommend Trading Plan for the day:*
1. Look for buy signal if break above 66.35.
2. Look for sell signal if break below 66.

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

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