3/7/2019
*WTI Crude Oil Aug 19*
Previous Close: 56.25 -2.84
WTI fell more than 4% yesterday as concerns on oil demand offset OPEC+ extension on supply cut, some more pressured by lower than expected withdrawal in API weekly stock. Watch out for EIA weekly data on 1030pm tonight.
Hourly chart hit 2 week low, below 61.8 Fibo retracement level of swing 50.72-60.28, may trigger more technical correction to 50-38.2 Fibo level.
*Classic Support & Resistance*
Resistance: 57.37 59.43
Support: 55.24 53.28
*Recommend Trading Plan for the day:*
1. Sell 56.23, stop 56.36, profit 56.10/55.97/55.84
2. Buy 56.79 for rebound, stop 56.66, profit 56.92/57.05/57.18
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 4015
Mini Crude : USD 2007.50
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