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Last two weeks, the WTI bulls’ attempts of bounce back are well supported by the consolidation phase of this energy prices.
The break above 45.90 levels evidences rallies with a gap up pattern, for now, heading towards 49.46 and 51.23 levels.
The bulls’ interests are intensified especially after 7DMA crosses-over 21DMA which is a bullish crossover.
RSI evidences the upward convergence to the price spikes. While stochastic curves have been indecisive but bullish bias.
To substantiate this bullish stance, weekly MACD signals upswings to extend further.
On monthly plotting, ever since the Dragonfly Doji formed in an attempt of bottoming out at 33.87 levels, consequently, its bullish effects retrace in a consolidation phase more than 23.6% fibos, current prices are hanging around these levels.
The convergence of leading oscillators to medium term uptrend substantiates the above bullish candle pattern.
On the contrary, a shooting star occurred at 46.74 levels, as a result, it evidences dips below support at 23.6% fibos, For now, the upswings were restrained at 21EMAs.
That is where, the prices struggling to clear above 23.6% and 21EMAs, but any breaks above and its sustenance could be deemed as the previous consolidation phase to transform into continuation pattern.
US crude oil futures for January delivery were up 0.48% at $48.26 a barrel, ahead of EIA’s inventory check later today in the US, while OPEC’s meeting is scheduled on 30th November.
We don’t encourage long-term short build ups hereafter; instead, we encourage longs in WTI crude of mid-month expiries for targets of 51.52 levels with strict stop loss of 46.02 levels.
