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Crude oil getting squeezed

From the high of $109.32, NYMEX Crude oil has been trading with a sideways to bearish bias. It has been doing the sideways correction in a channelised manner. Recently, it faced resistance near the upper channel line and is poised for a fall towards the lower channel line ($102). The daily Bollinger Bands are flat suggesting that the range bound activity is likely to continue for some more time. The daily momentum indicator is yet to reach the equilibrium line, thus supporting the bearish expectation. The bearish view holds true as long as the level of $108.20 holds on a closing basis.

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