Crude (21.07.2015) respected our last report & traded lower in last 1 month. However we witness some bounce in last few session but trend still bearish.
Now crude is trading around $50.63 & we can see on chart, after breaking the major support area around $56 mark crude fall very sharply towards $50 mark. Somehow this level is providing some hope for bulls but this is not the end of crude bear move. Our long term chart still hinting for a bearish move as its continue trading below %61.8 fibonacci retracement mark. The sideways trading providing time to indicators to adjust & then further fall could be witnessed.
On fundamental side, a nuclear deal open door for fresh oil from iran while US inventories still trading on higher levels & building more. US dollar outpacing & thus putting more pressure on crude prices.
Based on above studies, we may witness more weakness in crude prices towards $48.50 & more in coming trading session.