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Another bearish wave in crude ???

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.

MCX -> S2(3097) S1(3160) cmp(3252) R1(3309) R2(3420)

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