Crude Oil has spent the last 18 months in no man's land, after topping out in early 2012. During the past 6 months the commodity has been showing signs of bottoming out, it has also attempted to start an uptrend at 4947. In the end the trend failed to materialize & dipped to breach an important support at 4925 with a close of 4844 on the 15th of April 2013, it is now on a down trend.The intermediate trend in downwards, so traders can go short on the commodity. The lower supports as of now are 4654 & 4925 (which was previously violated). Resistances - a minor resistance at 5080 & major resistances at 5235 and 5517 for now.
In the long term Crude Oil is still shows signs of bottoming out, but the bottom is so far volatile & on an intermediate down trend. This tells us to be cautious & to stay out of investing in Crude until the trend reverses with a proper base formation or until the breach of an important resistance significantly.
In the long term Crude Oil is still shows signs of bottoming out, but the bottom is so far volatile & on an intermediate down trend. This tells us to be cautious & to stay out of investing in Crude until the trend reverses with a proper base formation or until the breach of an important resistance significantly.
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