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7/6/2019
*WTI Crude Oil Jul 19*
Previous Close: 52.59 +1.49
Oil recovered from losses below 51 to above 53 this morning as supported by strong rebound but upside likely limited by bearish weekly crude oil stock data. Watch out for oil rig count on 1am tomorrow.
Hourly chart triggered a RSI oversold rebound after oil prices break down from head & shoulder bearish chart pattern.
*Classic Support & Resistance*
Resistance: 54.63 56.61
Support: 50.38 49.71
*Recommend Trading Plan for the day:*
1. Look for buy signal above 53.33
2. Sell 53, stop 53.15, profit 52.85/52.7/52.55
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 3465
Mini Crude : USD 1732.5
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