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5/12/2018
*WTI Crude Oil Jan 19*
Previous Close: 53.25 +0.30
Oil settled slightly lower after API reported a larger than expected build in weekly oil stock. Continue to watch out OPEC meeting and EIA weekly crude oil stock.
Hourly chart showed oil back to below 53 while technical indicators also more to bearish, close below 52 will test to close previous downside gap.
*Classic Support & Resistance*
Resistance: 54.82 55.86
Support: 52.03 50.45 49.41
*Recommend Trading Plan for the day:*
1. Sell 52.57, stop 52.79, profit 52.35/52.13.
2. Look for buy signal above 53.
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 4015
Mini Crude : USD 2007.5
Disclaimer: Idea sharing only, trade at your own risk.
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