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10/7/2019
WTI Crude Oil Aug 19
Previous Close: 57.83 +0.46
WTI edged higher to test 59 level after a more than expected draw in API weekly crude oil stock. Watch out for EIA weekly stock data on 1030pm tonight.
Hourly chart testing Fibo level around 58.64, close above likely to retest previous high at 60.30, be cautious of RSI approaching overbought zone.
Classic Support & Resistance
Resistance: 59.43 60.28
Support: 57.30 56.04
Recommend Trading Plan for the day:
1. Buy 58.76, stop 58.63, profit 58.89/59.02/59.15
2. Sell 58.34, stop 58.47, profit 58.21/58.08/57.95
WTI Oil Margin Requirement (per lot)
WTI Crude : USD 4015
Mini Crude : USD 2007.50
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