WTI Crude Oil Rallies Above $53.50
Late September and early October have been a tough time for WTI crude oil. Prices have fallen consistently, leading to a brutal 10-day losing streak. However, the tides appear to be shifting. The last two sessions have seen some bids hit November WTI, driving prices back above $53.50. While this is still an overwhelmingly bearish market, the much-anticipated test of $50.00 has been avoided for now.
WTI Crude Oil Futures In The Green
For the second consecutive day, November WTI crude oil has experienced significant bullish pressure. Can the positivity last?
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Here are the key levels to watch for the remainder of the session:
- Resistance(1): 38% Bear Run, $54.24
- Support(1): Swing Low, $50.99
Overview: Once again this week, global growth concerns and fall seasonality will dictate price action in WTI. With U.S./China trade negotiations likely fruitless and more supply builds projected, WTI is in a position to extend recent losses. In the event we see any negative news from the U.S./China front, or robust weekly API and EIA stocks figures, $50.00 may come into play sooner rather than later. Until a significant bullish retracement occurs above the 38% Bear Run ($54.24), the daily downtrend will remain valid.
In a Live Market Update from Friday, I broke down a short trading plan for November WTI crude oil futures. At press time (12:15 PM EST), the trade is still there for the taking. With a bit of luck, we will see late-day topside extension, bringing the short into play.
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