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11/6/2019
*WTI Crude Oil Jul 19*
Previous Close: 53.26 -0.73
Oil dropped more than 1% yesterday for profit taking. Watch out for API weekly data on 530am tomorrow.
Hourly chart showed oil retreated from 50% Fibo retracement level of swing 42.36-66.60, which is around 54.50 and back to previous range, wait for more breakout.
*Classic Support & Resistance*
Resistance: 54.84 56.24
Support: 52.62 50.60
*Recommend Trading Plan for the day:*
1. Buy 53.63 for rebound, stop 53.50, profit 53.76/53.89/54.02
2. Look for sell signal below 53
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 3465
Mini Crude : USD 1732.5
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