CRUDE OIL NYMEX IS LOOKING UNDER PRESSURE......12 MAY 2012

CRUDE OIL TREND ON NYMEX FROM 08 APRIL 2012 TO 11 MAY 2012 ON HOURLY CHART

CRUDE OIL IS LOOKING WEAK ON NYMEX. AS ON THE ABOVE CHART SELLING PRESSURE IS LOOKING ON EVERY UPSIDE FROM 08 MAY 2012 TO 11 MAY 2012 AND FAILED TO CROSS @ $97.80 IN THIS PERIOD. POSITIVE U.S. CONSUMER CONFIDENCE DATA CAME ON 11 MAY 2012 WHICH WAS POSITIVE FOR CRUDE OIL AND CRUDE OIL JUMPED FROM $95.65 TO $97.20 BUT STILL FAILED TO CROSS @ $97.80 AND THAT UPSIDE USED BY TRADERS TO SHORT FROM $97.20 BECAUSE STOCKPILES OF CRUDE OIL IS ON RECORD PRODUCTION AND FINALLY CAME BELOW @ $95.70 AND CLOSED @ $95.57.

IF CRUDE OIL BREAKS ANY HOW @  $95 THEN CAN COME @ $90 VERY FAST. NEXT WEEK OUTLOOK IS STILL LOOKING WEAK AND ANY UPSIDE WILL ONLY SELLING OPPORTUNITY IN IT. ON MCX CAN TEST BELOW 5100 BY NEXT WEEK AND CAN COME UP TO 5000 ALSO.