WTI rejects stiff resistance with long legged doji

FX:USOIL   Crude Oil (WTI)
250 0 6
Technical Glance:

The recent rallies have tested resistance at 49.23 levels where it was not able to sustain buying interest in recent times and slid upto the lows of 47.39 levels (see 1H chart).

At this resistance levels, when price behaviour was changing its bullish sentiments that is where a "long legged doji" has been formed to signify buying momentum is shrunk away.

Current prices slid below 7DMA, leading and lagging indicators converge prevailing slumps.

Intraday technicals suggest sell indications as the RSI signaling clear convergence with the dipping prices (currently RSI 14 trending below 62 levels while articulating).

Convergence between price and volumes: See for dipping prices with stable volumes.

While, %D crossover sustains right from 80 levels on slow stochastic (currently %D line at 53.& %K line at 39.6290), so overall we see selling pressures in this commodity at current stage.

While plotting weekly graph, leading as well as lagging oscillators signal convergence to the previous rallies.

But further rallies may be dependent on break out above resistance at 49.22 levels. Thus, cautious approach is to wait for the decisive break out above these levels on a closing basis.

However, on intraday terms, shorting opportunity is seen on speculation basis ahead of US crude inventory check.

Trade tips:

At current juncture contemplating above bearish indications, on speculative grounds we recommend buying one touch binaries for targets upto 49.02 levels.
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