25/6/2018

*WTI Crude Oil Aug 18*

Previous Close: 68.58 +3.04

Oil prices surged as much as 5% on last Friday as OPEC agreed to a modest increase in output to compensate for losses in production at a time of rising global demand. The actual output increases set a bullish tone, as they came in below some of the highest figures that had been discussed prior to the meeting.

Daily chart show crude oil to test 50%-61.8% of Fibo retracement of previous down swing (72.83-63.59), while hourly chart show crude oil enters a technical correction from RSI overbought.

*Classic Support & Resistance*
Resistance: 69.38 70.24
Support: 68.16 67.12

*Recommend Trading Plan for the day:*
1. Look for sell signal below 68.16.

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

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