WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 13/7/2018 - Steadied above USD70 after IEA monthly report

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Publish date: Fri, 13 Jul 2018, 10:42 AM
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13/7/2018

 
*WTI Crude Oil Aug 18*
 
Previous Close: 70.33 -0.05
 
Oil steadied above 70 as pressured by Libya's resume of oil export and trade war tensions, offset OPEC spare capacity concerns as reported in IEA monthly report. Watch out for US oil rig count on 1am tomorrow.
 
Daily chart show crude oil testing middle line of BB, close below the line likely to trigger further downside. Hourly chart show oil rebound from RSI divergence yet still below middle line of BB, require close above 71.23 to form another rebound signal.
 
 *Classic Support & Resistance*
Resistance: 71.23 72.05
Support: 69.23 67.72
 
 *Recommend Trading Plan for the day:*
1. Sell 70.09, stop 70.26, profit 69.92/69.75.
2. Look for rebound buy signal above 70.49.
 
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 3245
Mini Crude : USD 1622.5
 
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