Crude oil price has been continuing its bearish streaks this week as well to hit 10-months lows amid mild rallies today, Well, with WTI price collapsed this week as well to $55.30 but recovered to the current $57.24 levels.
Before proceed further, let’s just quickly glance through below weblink where we advocated short hedges:
Had you deployed those WTI futures positions in your crude oil exposure (when crude was trading at 71.35 levels), you would have considerably saved your crude exposures by now.
Technically, on WTI crude price chart, bears breached below channel support, ever since then, they have constantly nudged prices below 7DMAs (refer daily chart).
For now, although we see some minor rallies, more dips seem to be on cards upon breach below strong support as both leading & lagging indicators still signal weakness.
Please be noted that on weekly basis also, steep slumps are observed well below EMAs upon shooting star formation at $74.24 levels, more weakness is foreseen on this timeframe as well as both leading oscillators (RSI & stochastic curves) indicate faded strength & intensified bearish momentum and lagging indicators (EMA & MACD) signal downtrend continuation.
Currently, at spot reference: $57.31 levels, it is advisable to construct boundary binary options with upper strikes at $57.96 and lower strikes at $56.40 levels.
Alternatively, we wish to uphold WTI short futures positions for arresting further downside risks.
Currency Strength Index: FxWirePro's hourly USD is inching at -97 (which is bearish), while articulating (at 11:25 GMT).
For more details on the index, please refer below weblink:http://www.fxwirepro.com/currencyindex
