The Iran nuclear deal is a massive blow for the oil price and we could see the crude oil price falling to a 30 dollar very easily. This deal actually represents 1 million b/d of extra oil on the market so net effect on the supply equation will be nearly 2 million of b/d. Now we will have serious trouble with the storage and the shares for such companies could inflate even higher.
On a 60 minute time frame, it is trading below the downward trend line and this means that the trend is towards the downside.
44.69 45.25 Support Zone
52.48- 51.69 Resistance Zone