In an earlier update, I outlined a support zone and trading plan facing November WTI crude oil futures. Well, the levels proved to be valid, producing an easy 1:1 R/R payoff. Currently, price has quicky rallied nearly 50 ticks from our long entry of $49.76.

November WTI Crude Oil Futures, Daily Chart

The beauty of a trade like this is that there was zero draw. Price hit our level and rejected immediately.

WTI crude is trading with heavy volumes, in the middle of the support zone. Today’s close will be an integral part of tomorrow’s trade. If we do not see considerable price extension in the late U.S. session, a directional move is likely by the end of the trading week.

Either a clean break through support or a rally towards September’s highs may be in the offing. Stay tuned to FX Leaders for more trading ideas, signals, and analysis facing WTI crude oil.