'Trading is a process of observing the market's action until such a time you can find and form trading ideas and get involved.'**

Monday, July 29, 2013

Crude is 'leaking'?

Seems the Crude is on the way to the drain from this daily chart. It is forming a head and shoulder pattern with its left (?) shoulder already lowering, a sign that a bearish sentiment is in the offing. That's what the interpretation of this 'self-proclaimed' technical observer. Well, as everybody in the market (and other pundits) has its own interpretation in the market, and we all ended up on the wrong side of the market. But that's how in the market, we can make our own opinion since nobody knows what the market will do next. The market is an exercise of human behavior, and all human make drastic action at any given moment. But I guess the Crude market right now is on the way down or it might turn sideways. The sentiment this  week in the market is of 'indecision' because of the weekly calendar events. Participants are gauging each others throat what the next move might/will be. But according the Art Cashin, CNBC contributor, we're going to expect some fireworks this week. Let's see what that fireworks would be. Also, Prince Khalid Al Waleed of Saudi Arabia caution the OPEC last week that Crude oil is not much going to be in-demand in the US for sometime because of the continuous exploration of  domestic 'fracking'.