5/8/2019
*WTI Crude Oil Sep 19*
Previous Close: 55.66 +1.71
Oil prices jumped more than 3% on last Friday, a partial rebound from their biggest daily drop in several years on U.S. President Donald Trump’s vow to impose more tariffs on Chinese imports.
Hourly chart testing for rebound from RSI oversold, close below 56 to trigger more downside.
*Classic Support & Resistance*
Resistance: 57.10 58.80
Support: 53.30 50.60
*Recommend Trading Plan for the day:*
1. Sell 55.06, stop 55.19, profit 54.93/54.8/54.67
2. Look for buy signal above 56
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 4015
Mini Crude : USD 2007.50
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