5/7/2018
*WTI Crude Oil Aug 18*
Previous Close: 74.14
Oil entered sideway during US holiday. Watch out for EIA weekly crude inventories data at 11pm tonight.
Daily chart formed weakening candles, may see some technical correction in recent bullish trend, Hourly chart showed crude oil move in range within Fibo retracement of previous up swing (72.73-72.90), wait for breakout. However technical indicators crossing down, crude oil may test low 1st.
*Classic Support & Resistance*
Resistance: 74.43 74.90 75.27
Support: 73.50 72.73 72.18
*Recommend Trading Plan for the day:*
1. Trade in between 73.50-74.50, wait for breakout.
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 3245
Mini Crude : USD 1622.5
Disclaimer: Idea sharing only, trade at your own risk.
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