CRUDE OIL: Forming A Long Term Bottom

Crude seems to have formed a long term bottom near 44 that it touched in January this year. Multiple factors are indicating that a bottom has been formed. These are mentioned below –

1. Crude has taken support at its 17 years old trend-line (shown in red color)
2. This support also coincide with Fibonacci fan lines
3. An important 161.8% retracement level exists at 52, if gold sustains above this on a monthly basis, it will be a strong bullish confirmation
4. RSI is at deep oversold levels which have historically coincided with major bottoms
5. Our proprietary trend indicator is indicating waning of long term down trend and formation of a bottom 
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GOLD: Forming a long term bottom

Gold may not fall below 1150. It made a low of 1132 in November 2014 and is rising since then (CMP 1227). Multiple factors are indicating that it a bottom has been formed. These are mentioned below –
a. Gold could not breach 61.8% level support of its long range swing
b. RSI is indicating a clear bullish diversion
c. Gold has started breaching fan resistance lines
d. Our proprietary trend indicator is indicating waning of long term down trend and formation of a bottom