Start with a square document, by square, i mean a document with the same size width as its height, for example, mine is 600px by 600px.

Now use the rectangular marquee tool and draw a selection about 100px high, then fill it with a color, mine is dark blue.

Now, make another selection about 50px just above the previous fill and fill it a lighter shade of the previous color, my case, its light blue. see image on left.

Now go to Filter->Pixelate->Color Halftone.
Settings:
- Max. Radius: 10px
- set "0" for all 4 channels.

Now use the marquee tool again and make a selection around the colored area of your image, then go to Select->Feather->3px;

Now go to Filter->Blur->Motion Blur

Settings:
Angle: 90
Distance: 60px

Then Go to Filter->Sharpen->Sharpen.
Press CTRL+F twice to reapply.

Now press CTRL+D to deselect.

Now you can just use the circular marquee tool to cut out the round tube and paste it on any background you like.

Thats what I did to my image and I also applied this bevel and embossed setting (Layer->Layer Style->Bevel & Embossed): VIEW

DOWNLOAD PSD FILE