11/10/2018
WTI Crude Oil Nov 18
Previous Close: 73.17 -1.79
Oil fell more than 2% as dragged down by US stock market and raising weekly crude oil inventories as reported by API. Watch out for OPEC monthly report on 720pm & EIA weekly crude oil stock on 11pm tonight.
Hourly chart showed crude oil hit around 2 week low, triggered more correction ahead, next Fibo level will be at 6.854 around 70.66, but watch out for potential short term technical rebound as RSI in oversold.
Classic Support & Resistance
Resistance: 73.69 75.28
Support: 71.47 69.98 69.35
Recommend Trading Plan for the day:
1. Sell 71.97, stop 72.22, profit 71.72/71.47.
WTI Oil Margin Requirement (per lot)
WTI Crude : USD 3410
Mini Crude : USD 1705
Disclaimer: Idea sharing only, trade at your own risk.
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