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Nymex Crude at 93-93.5 Levels, Bearish Trend

ByCommodityOnline
Published 02/12/2013, 01:36 AM
Updated 05/14/2017, 06:45 AM

As shown in daily chart of Nymex Crude, in the last week prices continued to sustain below the previous high of 98, breached the rising channel on downside for first time since 85 levels and repeatedly for four trading session it has moved below this channel. We can observe in 120 min chart, prices have formed reversal pattern i.e. Head and shoulder (H&S) whose neckline comes near the strong support of 95.

Momentum indicator MACD of 14 days (marked in green color) has crossed signal line from above shown by blue arrow. Earlier two times MACD crossed the signal line and then we have observed a fall in Nymex Crude. Altogether, indicates the negativity in this commodity. Decisive move below 95 will provide the first negative confirmation and indicates that top is in place and prices can move lower till 93.50/93 levels. As shown above in 60 mins chart, after taking support of sloping trend-line of the expanding pattern prices have retraced 61.8% of the previous down move from 5250-5070 levels.

Thereafter, prices failed to sustain at higher levels and currently moving near the support of 5130/5120. As per wave perspective, price have completed impulsive move of wave c near 5250 levels and it has started the next leg on downside. At present, prices have ended wave ii near 5185 levels and moving lower in the form of wave iii. In short, as long as 5185 is intact on upside our bias is negative.

A move below 5120 will continues the previous day down move and prices can move lower till the previous low of 5070. However, move above 5185 will continue the sideways action in expanding pattern.

Crude 1

Crude 2

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