WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 9/8/2018 - Trade war tension and more to bearish US oil inventories drag price down nearly 3%

InvestorsDoctor
Publish date: Thu, 09 Aug 2018, 10:42 AM
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9/8/2018

 
*WTI Crude Oil Sept 18*
 
Previous Close: 66.94 -2.23
 
Oil slid about 3% yesterday on a trade dispute between US & China. EIA reported smaller than expected decline in oil inventories and surprise build in gasoline inventories also weighed down the price.
 
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 showed crude oil break down from sideway, triggered further correction signal, with now testing rebound from RSI oversold.
 
 *Classic Support & Resistance*
Resistance: 68.02 69.92
Support: 65.56 63.61
 
 *Recommend Trading Plan for the day:*
1. Buy 67.01 for technical rebound, stop 66.84, profit 67.18/67.35.
2, Look for sell signal below 66.71.
 
*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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