WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 1/8/2018 - Bearish API weekly data & Reuters' OPEC production survey pushed down price

InvestorsDoctor
Publish date: Wed, 01 Aug 2018, 12:03 PM
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1/8/2018

 
WTI Crude Oil Sept 18
 
Previous Close: 68.76 -1.37
 
Oil fell on yesterday and closed with largest monthly decline in 2 years after a Reuters survey showed that OPEC production increased to 2018 high in July and as API showed a surprise build in weekly crude oil stock. Watch out for EIA weekly crude oil stock at 1030pm tonight.
 
Daily chart showed crude oil entered into a technical correction in a bull rally after a RSI bearish divergence. Hourly chart showed crude oil still moving in a sideway, wait for breakout.
 
 Classic Support & Resistance 
Resistance: 70.43 71.65
Support: 67.04 65.71
 
 Recommend Trading Plan for the day: 
1. Buy 68.53 for technical rebound, stop 68.37, profit 68.69/68.85.
2. Look for sell signal below 67.99.
 
WTI Oil Margin Requirement (per lot) 
WTI Crude : USD 3795
Mini Crude : USD 1897.50
 
Disclaimer: Idea sharing only, trade at your own risk.
 
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