WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 6/8/2019 - Testing rebound but watch out for potential H&S bearish pattern

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Publish date: Tue, 06 Aug 2019, 11:18 AM
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6/8/2019
 
*WTI Crude Oil Sep 19*
 
Previous Close: 54.69 -0.97
 
WTI once broke below 54 last night on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world’s two biggest buyers. Watch out for API weekly data on 430am tomorrow.
 
Daily chart showed WTI in testing 50% Fibo retracement level of swing 42.36-66.60, which is around 54.50, required to close below 53.60 to trigger more downside.
 
 *Classic Support & Resistance* 
Resistance: 57.10 58.80
Support: 53.60 50.60
 
 *Recommend Trading Plan for the day:* 
1. Sell 54.99, stop 55.12, profit 54.86/54.73/54.60
 
*WTI Oil Margin Requirement (per lot)* 
WTI Crude : USD 4015
Mini Crude : USD 2007.50
 
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