Oil price technical outlook

4 Reasons You Should be Talking About Oil

Crude Oil fell toward $50.54 a barrel ,yesterday ,there is so many reason for the large volatility in the market  China's stock market plunge , Greek debt crisis those 2 problems raised the possibility of weaker economic growth that could hit oil demand
Don’t forget Iran- In Vienna until Friday there is negotiate for an agreement on the Iranian nuclear program.
Also today will publish us inventory official data crude inventories. 
From the technical side we could see diamond pattern:
Diamond pattern formed by two symmetrical triangles juxtaposed. The first phase of the formation of a bullish diamond is the violent drop of the price. Several technical rebounds will occurred, but the trend is still bearish. A lower will be reached. This lower will define the end of the first symmetrical triangle and will be the start of another triangle. This is only after this low that the trend will reverse. The price target is equal to the height of the diamond.
This could lead to 54.80-55.30 if 52.80 will breakthrough, while bread down again 51.60 lead to 49-49.80

oil

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