WTI Crude oil gave another shock to buyers when it updated low below 44$ and worse of that it even closed below this level , Major support in crude oil prices at 42.30$ if market break this and close below this level then expect oil prices to take another dip into red ocean upto 40$ – 37.80$ and even more
If crude oil prices click our weekly resistance at 46$ and close above our resistance then expect crude oil to fire upto 48.20$ – 50$ and more not ruled out
Weekly crude oil analysis conclusion : OPEC already cleared and despite some major correction its going from black to red and another concern for oil is china which giving a sign of slowdown and Iran is ready to push output despite lower demand , Crude oil already corrected 20% last month and its already down 5% this month , So take a cautious note if you are in short side however no major buying recommendation in crude oil till it gives a breakout .
More will update if crude oil gives any breakout