WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 7/8/2018 - Up ahead of Iran sanctions, watch put for weekly crude oil stock data

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Publish date: Tue, 07 Aug 2018, 11:12 AM
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7/8/2018

 
*WTI Crude Oil Sept 18*
 
Previous Close: 69.01 +0.52
 
Oil gained on yesterday after OPEC sources said Saudi crude production unexpectedly fell in July and as US prepared to reinstate sanctions against Iran. Watch out for API weekly crude oil stock at 430am tomorrow.
 
Daily chart showed crude oil in a technical correction stage as candles below middle line of BB, yet overall in a bull trend. Hourly chart show oil in a large range sideway, wait for breakout.
 
 *Classic Support & Resistance*
Resistance: 70.43 71.10
Support: 67.87 66.92
 
 *Recommend Trading Plan for the day:*
1. Buy 69.16, stop 68.99, profit 69.33/69.50.
2, Look for sell signal below 68.76.
 
*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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