Crude under pressure

Crude (22.05.2015) traded lower as per our expectation as mention in our previous article, however it fail to reach to $55.70 mark & bounced back with current week inventory support.

Now crude is trading around $60 mark & as we can see on charts, crude trying to retest the broken trade line of ascending channel. The bounce was supported by volume as well as pattern is not very ideal for recovery. On elliott wave count , crude probably trading under 1st downside wave with probably V wave down now. However the count is not very ideal still there is no other probability available this time.

On fundamental side, although we witness a good withdrawal last week, total inventories still roaming around all time high while strong dollar likely to continue.

Based on above technical picture , crude probably move downward once again. Level $55.70 & then $51.50 will be on radar.
MCX -> S2(3610) S1(3724) cmp(3832) R1(3910) R2(3980)
Note - Above technical analysis is not a buy/ sell recommendation.
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