26/6/2018

WTI Crude Oil Aug 18

Previous Close: 68.08 -0.5

Oil fell on yesterday but sustain above 68 level on profit taking and as stock market slipped on trade war fears. Watch out for API weekly crude inventories at 430am tomorrow.

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: 69.44 70.24
Support: 67.08 66.08

Recommend Trading Plan for the day:
1. Look for buy signal above today high of 68.36.
2. Look for sell signal if unable to sustain above 68 level.

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

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Since 14th May 2018 (stock market reopened after 509 GE-14), FKLI Futures dropped nearly 200.5 points from high 1876.5 to recent low 1676!

Simple Calculation:
200.5 x RM 50 per index point = RM 10,025 (Potential Profit!)

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