6/7/2018
*WTI Crude Oil Aug 18*
Previous Close: 72.94 -1.2
Oil fell to below 73 yesterday after EIA reported a surprise build in weekly crude oil inventories. Watch out for US oil rig count data at 1am tomorrow.
Daily chart formed weakening candles, may see some technical correction in recent bullish trend, Hourly chart showed crude oil breaks previous low, BB expanding downside and RSI approaching oversold, may trigger more downside.
*Classic Support & Resistance*
Resistance: 74.30 75.27
Support: 71.66 70.59
*Recommend Trading Plan for the day:*
1. Look for sell signal below 72.53.
2. Look for rebound buy signal above 73.19.
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 3245
Mini Crude : USD 1622.5
Disclaimer: Idea sharing only, trade at your own risk.
Join our channels to find out more!
Telegram link:
https://t.me/investorsdoctoracademy