WTI Nymex Crude oil prices were under pressure following cues from Iran nuclear deal and it cracked from 54$ to 50$ odd range , it made a good double top on charts and now it need to cross 54.50$ range and oil has to close above this level to resume its fresh run upto 57$ – 59.80$
Double top neckline comes at 50.20$ so once crude oil price break this and close below this major weekly oil support then expect another fresh selling round upto 48$ -46$ and even more
Crude oil forecast conclusion : Since iran nuclear deal has benefited iran to export its major oil to entire world and iran said it may increase production upto 1 million barrel per day even OPEC did not said it may cut oil production or any other such statement from any oil producing country which gives a good hope that crude oil prices may remain weak and more lower levels can be seen .
Major factor in crude oil is news as its following fundamental cues not any technical levels for now so keep an eye on crude oil news before initiating any major trade
More will update to our crude oil signals subscribers