WTI Crude Oil Updates

Daily Futures Commentaries: [WTI Crude Oil] 7/8/2019 - Testing rebound but watch out for potential H&S bearish pattern

InvestorsDoctor
Publish date: Wed, 07 Aug 2019, 12:02 PM
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7/8/2019
 
WTI Crude Oil Sep 19
 
Previous Close: 53.63 -1.06
 
WTI fell to below 54 yesterday as weighed down by little than expected withdrawal in API weekly crude oil stock & US-China trade tensions. Watch out for EIA weekly data tonight at 10.30pm.
 
Daily chart formed lower highs & lows, close below 53 to trigger more downside, watch out for potential H&S bearish pattern.
 
 Classic Support & Resistance 
Resistance: 56 58.80
Support: 50.60 46.90
 
 Recommend Trading Plan for the day: 
1. Buy 53.84 for rebound, stop 53.71, profit 53.97/54.1/54.23
2. Sell 53.14, stop 53.27, profit 53.01/52.88/52.75
 
WTI Oil Margin Requirement (per lot) 
WTI Crude : USD 4015
Mini Crude : USD 2007.50
 
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