Crude Oil Weekly Technical Outlook

Crude oil dropped sharply last week the took out 42.58 support firmly. Fall from 50.92 has resumed and should target a test on 37.75 low. At this point, we're still viewing price actions from 37.75 as a sideway consolidation pattern. Strong rebound could be seen after a test on 37.75 low. In case of another rise, strong resistance should be seen around 50 which coincide with 50% retracement of 62.58 to 37.75 at 50.17 to limit upside. Nonetheless, decisive break of 37.75 will confirm down trend resumption.