27/8/2019
*WTI Crude Oil Oct 19*
Previous Close: 53.64 -0.53
Oil prices edged lower yesterday on the outlook for increased supply of Iranian crude after France’s president lifted hopes for a deal between Washington and Tehran, but losses were limited by growing hopes that the United States and China could make a deal to end their trade war. Watch out for API weekly data on 430am tomorrow.
Daily chart move in descending triangle pattern, wait for more breakout.
*Classic Support & Resistance*
Resistance: 55.30 57.50
Support: 53 50.50
*Recommend Trading Plan for the day:*
1. Buy 54.10, stop 53.97, profit 54.23/54.36/54.49
2. Sell 53.57, stop 53.7, profit 53.44/53.31/53.18
*WTI Oil Margin Requirement (per lot)*
WTI Crude : USD 4015
Mini Crude : USD 2007.50
Disclaimer: For idea sharing only, trade at your own risk
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