WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 11/10/2018 - Dragged down by US stock market, triggered more correction ahead

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Publish date: Thu, 11 Oct 2018, 11:18 AM
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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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