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Technical Glance: On WTI crude daily chart, the bullish engulfing pattern has been traced at $46.57 levels, consequently, the recent rallies have bounced above 7DMAs but were restrained below stiff resistance of $54.84 levels as shooting star pops up at this juncture. The minor trend appears to be edgy as RSI has been showing divergence which is a bearish indication.
On a broader perspective, although we could see some abrupt rallies in last month, both the leading & lagging indicators still signal weakness (refer monthly plotting).
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,
Other bearish patterns, such as shooting star and hanging man candles have also occurred at 2018 peaks, ever since then, bears have managed to constantly nudge prices below EMAs and retrace more than 61.8% Fibonacci levels are observed.
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 $46.57 levels may have shown the rallies above DMAs, but the major trend still remains edgy.
Trading Recommendations: On daily trading grounds, at spot reference: $53.55 levels, we advocate constructing tunnel spread, using upper strikes at $54.84 and lower strikes at $52.2224 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 -15 (bearish), while USD is inching at -36 (which is mildly bearish), at press time 09:33 GMT.
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
