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3/5/2019
*WTI Crude Oil Jun 19*
Previous Close: 61.81 -1.79
Crude oil plunged almost 3% yesterday on oversupply concerns after larger than expected US crude oil stock and increased US sanctions on Iran. Watch out for US oil rig count on 1am tomorrow.
4H chart showed crude oil test for more technical correction, close below 60.95 for more downside, but be cautious of RSI bullish divergence.
*Classic Support & Resistance*
Resistance: 63.93 64.75
Support: 60.95 57.74
*Recommend Trading Plan for the day:*
1. Buy 61.88 for technical rebound, stop 61.73, profit 62.03/62.18/62.33
2. Sell 61.50, stop 61.65, profit 61.35/61.2/61.05
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 3465
Mini Crude : USD 1732.5
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