Technical analysis of crude oil

The black gold moving up nicely since Oct. 2011 and made high of 110.54 during this rally. Recently a bullish breakout seen above 103 but due to low buying interest at these levels crude was not able to establish any big move and trading between ranges of 103-110 since February 17, 2012. Now bearish divergence on 63 momentum indicator suggesting a big selling pressure ahead in crude. Momentum indicator has already broken ascending trend line with bearish divergence has already given ultimatum to crude oil bulls for short term. 63 momentum indicators below 0 would signal a strong down trend for short term and crude may taste 95-90 zones again. Before further upside. Key support for this view will remain 103 and resistance will remain at 112

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Nifty Struggles at 24800: What Options Data Tells Us About Market Direction

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