The price of crude oil had registered a bearish head and shoulder pattern breakdown on its daily charts on 15th June, 2011.
Since, then the price has been trading firmly below the neckline resistance of Rs 4385 levels.
We would also like to point out that the price of crude has also closed below its 200 day moving average (placed at Rs 4290 levels) on its daily charts which is also an extremely bearish signal for the price of crude oil.
We expect the price to trade under pressure for the upcoming few trading sessions and thus decline to levels of Rs 4200 / Rs 4170 levels. Traders can sell between Rs 4245--Rs 4290 levels with a stop loss placed above Rs 4329 levels.
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