WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 12/7/2018 - Heaviest daily sell down in 2 years!

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Publish date: Thu, 12 Jul 2018, 10:52 AM
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12/7/2018

 
WTI Crude Oil Aug 18
 
Previous Close: 70.38 -3.73
 
Oil marked its biggest daily sell down in 2 years as OPEC monthly report show a production jump in June, and news that Libya would reopen its ports raised expectation of growing supply, offset bullish EIA weekly oil inventories data.
 
Daily chart show crude oil testing middle line of BB, close below the line likely to trigger further downside.Hourly chart show oil break down from sideway, more to bearish, but watch out for potential technical rebound from RSI oversold.
 
 Classic Support & Resistance 
Resistance: 72.05 73.18
Support: 70.02 67.72
 
 Recommend Trading Plan for the day: 
1. Buy 70.71 for technical rebound, stop 70.56, profit 70.86/71.01.
2. Look for sell signal below 70.02.
3. Look for more technical rebound buy signal above 71.20.
 
WTI Oil Margin Requirement (per lot) 
WTI Crude : USD 3245
Mini Crude : USD 1622.5
 
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