May 4, 2012
- Price has violated the rising support line shown in an earlier post.
- 100.68 is the next crucial support. Trading below it may take Crude oil towards the 38.2% Fibonacci level.
- Weekly chart is showing price below the middle bollinger band. A Weekly close below this level will favor the bears of Crude oil for the coming week.
- Price sustaining below 5135 will favor bears to extend the fall.
- Weekly and daily close below 5135 will strengthen bears. For bulls an intraday up move to close above 5150 levels may save them from bigger fall.
- One hour chart shows price near the falling support line.
- Four hour chart shows price below the cloud and near the crucial low of 5135. For a trending down move to happen nifty must sustain below 5135.