WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 5/11/2018 - Weekly chart formed double top bearish signal

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Publish date: Mon, 05 Nov 2018, 10:25 AM
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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.
 
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