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4/6/2019
*WTI Crude Oil Jul 19*
Previous Close: 53.25 -0.25
Oil down slightly yesterday as US trade disputes with Mexico and China deepened concerns about weakening global crude demand. Watch out for API weekly crude oil stock on 530am tomorrow.
Daily chart triggered a breakdown from head & shoulder bearish pattern, close below 52 to trigger more downside, but be cautious as RSI in oversold.
*Classic Support & Resistance*
Resistance: 54.63 56.61
Support: 50.38 48.11
*Recommend Trading Plan for the day:*
1. Buy 53.43 for technical rebound, stop 53.30, profit 53.56/53.69
2. Sell 52.85, stop 52.98, profit 52.72/52.59
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 3465
Mini Crude : USD 1732.5
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