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Technical Glance: On WTI crude daily chart, the recent rallies have bounced above 7DMAs upon the formation of the bullish engulfing pattern at $46.57 levels but were restrained below stiff resistance zone of $54.79 - $55.79 levels as shooting star and hanging man pop up at this juncture that indicates weakness. The minor uptrend now seems to have been exhausted as RSI has also been showing divergence which is a bearish indication.
While on a broader perspective, Please be noted that on monthly terms, steep slumps are observed well below EMAs as the formation of 3-black crow patterns is completed at $45.40 levels, ever since the failure swings at stiff resistance of $76.29 levels, bears have managed to constantly nudge prices below EMAs and retrace more than 61.8% Fibonacci levels are observed.
Hammer has occurred at $53.98 levels, although we could see some abrupt rallies in last month, both the leading & lagging indicators still signal weakness (refer monthly plotting).
For now, more weakness is foreseen on this timeframe, as well as both leading oscillators (RSI & stochastic curves) indicate faded strength in the previous consolidation phase and intensified selling momentum in the current bearish trend. While lagging indicators (EMA & MACD crossovers) also signal downtrend continuation.
Overall, hammer at $53.98 levels may have shown the rallies above DMAs, but the major trend still remains edgy.
Trading Recommendations: On daily trading grounds, at spot reference: $54.55 levels, we advocate constructing tunnel spread, using upper strikes at $55.79 and lower strikes at $53.36 levels. The strategy is likely to fetch leveraged yields as long as the underlying price keeps dipping but remains above lower strikes on the expiration.
Currency Strength Index: FxWirePro's hourly EUR is at -11 (mildly bearish), while USD is inching at 50 (which is bullish), at press time 11:58 GMT.
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
