WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 8/5/2019 - Watch out for EIA weekly data

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Publish date: Wed, 08 May 2019, 11:31 AM
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8/5/2019
 
*WTI Crude Oil Jun 19*
 
Previous Close: 61.4 -0.85
 
Crude oil settled at more than 1 month low yesterday as weighed down by weak stock market, despite a less than expected weekly crude oil stock, reported by API. Continue to watch out for EIA weekly data on 1030pm tonight. 
 
Hourly chart showed crude oil entered a range 60-63, wait for breakout, while overall in correction stage.
 
 *Classic Support & Resistance* 
Resistance:  62.95 63.93
Support:  60.66 60.04
 
 *Recommend Trading Plan for the day:* 
1. If price retreat 1st, buy 61.74, stop 61.59, profit 51.89/62.04/62.19
2. Buy 61.96, stop 61.81, profit 62.11/62.26/62.41
 
*WTI Oil Margin Requirement (per lot)* 
WTI Crude : USD 3465
Mini Crude : USD 1732.5
 
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