8/3/2019
*WTI Crude Oil Apr 19*
Previous Close: 56.66 +0.44
Crude oil edged higher yesterday on technical rebound but gains were capped by falling stock market and higher US crude oil inventories. Watch out for US oil rig count on 2am tomorrow.
Hourly chart showed oil remain in sideway, wait for breakout. Aggressive traders may apply range trading setup in 55-58.
*Classic Support & Resistance*
Resistance: 57.19 57.88
Support: 55.42 55.02
*Recommend Trading Plan for the day:*
1. Trade in range 56-57, wait for breakout.
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 4290
Mini Crude : USD 2145
Disclaimer: Idea sharing only, trade at your own risk.
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