This energy commodity still suggests selling indications as there exists signaling downward convergence with the slumping prices (currently 14 trending at 32.5603).
While slow approached below 20 levels but there is no convincing %K crossover.
So overall we don't see any sort of strength in this commodity yet that can bounce back from current levels.
We don't see any long initiating chances in short run, if there is any abrupt rallies then we would deem them as short covering rallies.
Trade recommendations: Considering the above technical reasoning, on speculating grounds, we recommend deploying one touch binary ATM -0.51 delta puts in our strategy in order to extract maximum leverage on extended profitability. But do remember these are exclusively for speculative basis.
The prime merits of such one touch option are high yields during high plays. Usually, such binary options for every change in 1 fractional unit, the relative change in option price 0.01% or even exponential at high implied times.