WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 20/8/2018 - Rebound but upside likely limited by concerns on oversupply & trade war tension

InvestorsDoctor
Publish date: Mon, 20 Aug 2018, 12:11 PM
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20/8/2018

 
*WTI Crude Oil Oct 18*
 
Previous Close: 65.21 +0.37
 
Oil recovered to above 65 on recovery of global stock market. However, oversupply concerns and trade war tension may limit its upside.
 
Weekly chart marked a straight 3 week of losses, potentially more correction ahead, while hourly chart showed a technical rebound after a RSI bullish divergence.
 
 *Classic Support & Resistance*
Resistance: 65.76 66.22
Support: 63.89 63.45
 
 *Recommend Trading Plan for the day:*
1. Sell 64.84, stop 65.05, profit 64.63/64.42.
 
*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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