WTI Crude Oil Gives Back Friday’s Gains
WTI crude oil futures are on the bear today, falling more than $1.50 during the early session. It appears that the optimism surrounding last Friday’s U.S./China trade deal is wearing thin. Energy traders are selling beneath every key number, thus far driving a trend day down.
Seemingly all year long WTI crude oil has been under bearish pressure. Aside from the mid-September drone strikes on Aramco facilities in Saudi Arabia, there have been very few stimuli that have spiked prices. At this point, fall seasonality and global growth concerns are dominating the markets.
November WTI Crude Oil: Technical Outlook
WTI crude closed last week with a bang, posting three straight winning sessions. Now, the dynamic has shifted and most of those gains have been wiped out.
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For a Columbus Day session, the action in WTI has been significant. More than 250,000 contracts have already changed hands, much more volume than is typically found during bank holidays. Here are two levels to watch for the immediate future:
- Resistance(1): 38% Bear Run, $54.24
- Support(1): Swing Low, $50.99
Overview: As we roll toward mid-week trade, the key level in this market is $54.24. A bearish bias remains valid, with a test of $50.00 becoming more and more likely as October wears on. Unless we see bids hit the market above $54.24, be on the lookout for WTI to test $50.00 at some point this week.
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