WTI Crude Oil Futures Late-Day Brief

The first two full trading days of October WTI crude oil as the front-month contract have been tumultuous. Huge participation has fueled explosive price action. Crude oil is currently pushing daily lows, around $47.25. October WTI crude oil is down over $1.50 on the day, giving back a majority of Friday’s gains.

My colleague Arslan’s trade recommendation for WTI crude from earlier this session was spot on, yielding over 100 pips. Kudos to the call and to all who capitalized!

Daily Technicals

October WTI crude oil futures are trading with ferocity, over 725,000 contracts. Extraordinary market participation creates optimal trading conditions. The stage is set for a great trading week, so stay tuned.

October WTI Crude Oil Futures- Monday Give Back

Today's October WTI daily chart has a couple of areas worthy of note:

• We have a failed auction one tick above Friday’s high. This is an extremely bearish signal and is an indication of institutional participation.

• The 62% retracement and SMA provided heavy resistance and will be an area to watch as we move forward.

• Last Week’s low of $46.62 is likely to see a challenge in the coming sessions.

Overview: Trading has been chaotic following rollover from the September to October contract. Price is frantically seeking equilibrium, but there are a vast number of opinions driving volatility. 

For now, this market is explosive. Prime trading opportunities are forthcoming, and tomorrow’s session looks to be another promising one. Stay tuned, and check the signals and live trading feed for timely updates and trading strategies.

ABOUT THE AUTHOR See More

Shain Vernier

US Analyst

Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.

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