Crude under pressure

FX:USOIL   Crude Oil (WTI)
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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