Crude Oil Weekly Technical Outlook

Crude oil dropped further to as low as 47.72 last week and broke 61.8% retracement of 42.03 to 62.58 at 49.88. Deeper fall is still expected as long as 51.26 minor resistance holds. However, at this point, there is no clear sign of down trend resumption yet. Hence, we'll be cautious on strong support around 42.03 to bring rebound. Above 51.26 will turn bias back to the upside for 55 days EMA (now at 57.19).

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