The cyclical top in crude oil is in place and the secular bear market takes control of the chart - Iran Seeks U.K. Diplomatic Settlement
Peter Oberois
Apr. 2, 2007

The cyclical bull move within the bear market is sharp and fierce. This time it was no different in the crude oil market. The crude fell to 50, most oil traders turned bearish and there came the short covering craze – oil went straight up like a rocket to $66 a barrel. The Iranian hostage geopolitics aided the oil traders in the final leg of the cyclical bull market.

Where does oil go now? Well the scenario is simple. The oil top is in place. Crude oil fell in New York on signs Iran may step back from a confrontation with the U.K. over its detention of British naval personnel.

Oil dropped after Iran's National Security Council chief, Ali Larijani, said his country doesn''t see a need to try the 15 U.K. sailors and marines captured in the Persian Gulf on March 23. Gasoline futures declined for a third day on speculation the draw down of U.S. fuel stockpiles slowed last week as refiners raised operating rates.

Oil now can trade down slowly and steadily. It should bounce back one more time from $50 a barrel and then finally break the psychological support level.

The cyclical top in crude oil is in place and the secular bear market takes control of the chart - Iran Seeks U.K. Diplomatic Settlement
Peter Oberois
Where does oil go now? Well the scenario is simple. The oil top is in place. Crude oil fell in New York on signs Iran may step back from a confrontation with the U.K. over its detention of British naval personnel.
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