18/6/2018

*WTI Crude Oil Aug 18*

Previous Close: 64.85 -1.97

Oil fell more than 1% on last Friday after world's biggest oil producers might increase output at coming OPEC meeting, while US exports were threatened by potential Chinese tariffs on crude oil related products.

Daily chart show crude oil hit its 2 month low, signaled more downside ahead, while hourly chart in RSI oversold, may trigger some technical rebound in short term before continue its correction.

*Classic Support & Resistance*
Resistance: 64.93 65.83
Support: 63.04 62.07

*Recommend Trading Plan for the day:*
1. Buy 63.65 for technical rebound, stop 63.50, profit 63.80/63.95.
2. Look for sell signal if break below 63.40.

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

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