10th May - Crude Oil Slip Gaining Momentum
10 May 2012
WEEKLY CHART - CONTINUATION
Earlier recovery this year regained the 2011 peak but failed to push further.
The current correction sets downside focus on the 106.65 23.6% retracement of 2009/2012 upmove.
DAILY CHART – Jul-12:
Violation of the bull channel base has now occurred, following earlier temporary support. This signalled initial loss of bull momentum.
The break of the 38.2% pullback and rising support line confirms that bears are now in control, and further losses are expected.
In the shorter term the 106.29 61.8% retracement level is of more interest as it lies close to Fibonacci support on the Weekly chart above.
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3rd May - Bunds lead the pack higher