WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 3/6/2019 - Sharp fall after US tariffs on Mexico

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Publish date: Mon, 03 Jun 2019, 10:34 AM
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3/6/2019
 
*WTI Crude Oil Jul 19*
 
Previous Close: 53.5 -3.05
 
Oil slumped over 3% on last Friday after US threatening tariffs on Mexico, a key US trade partner and major supplier of crude oil.
 
Daily chart triggered a breakdown from head & shoulder bearish pattern, close below 52 to trigger more downside.
 
 *Classic Support & Resistance* 
Resistance:  56.61 59.70
Support:  50.38 48.11
 
 *Recommend Trading Plan for the day:* 
1. Sell 52.60, stop 52.73, profit 52.47/52.34
2. Look for sell signal below 52.12
3. Look for rebound buy signal above 53.43
 
*WTI Oil Margin Requirement (per lot)* 
WTI Crude : USD 3465
Mini Crude : USD 1732.5
 
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