WTI Crude Chartpack - Technicals & Trade Setup
WTI crude’s shooting stars snap rallies in both minor and major trends – Trade Tunnel Spreads and hedge via CME futures:
Technically, on WTI crude price chart, recent rallies were restrained below stiff resistance (i.e. 21DMAs) in the minor trend on shooting star formation at $52.57 levels, for now, more slumps seem to be on cards amid mild rallies, current prices still well below 21DMAs despite today’s rallies (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, ever since then, bears have managed to constantly nudge prices below EMAs. 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: $53.15 levels, it is advisable to construct tunnel spread binary options strategy with upper strikes at $54.84 and lower strikes at $51.85 levels.
Alternatively, we wish to uphold short positions in WTI CME futures of mid-month tenors for arresting further downside risks.
Currency Strength Index: FxWirePro's hourly USD is inching at 15 (which is mildly bullish), while articulating (at 13:42 GMT).
Technically, on WTI crude price chart, recent rallies were restrained below stiff resistance (i.e. 21DMAs) in the minor trend on shooting star formation at $52.57 levels, for now, more slumps seem to be on cards amid mild rallies, current prices still well below 21DMAs despite today’s rallies (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, ever since then, bears have managed to constantly nudge prices below EMAs. 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: $53.15 levels, it is advisable to construct tunnel spread binary options strategy with upper strikes at $54.84 and lower strikes at $51.85 levels.
Alternatively, we wish to uphold short positions in WTI CME futures of mid-month tenors for arresting further downside risks.
Currency Strength Index: FxWirePro's hourly USD is inching at 15 (which is mildly bullish), while articulating (at 13:42 GMT).