5/11/2018
*WTI Crude Oil Dec 18*
Previous Close: 63.14 -0.55
Oil marked its biggest weekly loss since Jul 18 and hit its lowest since Apr 18 on supply concerns and trade war tension.
Weekly chart formed a double top bearish signal, while daily chart approaching RSI oversold zone, but watch out for potential RSI bullish divergence in hourly chart.
*Classic Support & Resistance*
Resistance: 63.95 65.33
Support: 61.81 59.95
*Recommend Trading Plan for the day:*
1. Sell 62.51, stop 62.71, profit 62.31/62.11.
2. Buy 62.71 on technical rebound, stop 62.57, profit 62.85/62.99.
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 3410
Mini Crude : USD 1705
Disclaimer: Idea sharing only, trade at your own risk.
Join our channels to find out more!
Telegram link:
https://t.me/investorsdoctoracademy
Facebook link: https://m.facebook.com/investorsdoctoracademy