Crude Oil Weekly Technical Outlook

Crude oil's decline continued last week and while bullish convergence condition is seen in 4 hours MACD, there is no clear sign of bottoming yet. Further fall would be seen towards 42.03 low. We'd be cautious on strong support around there to bring reversal. Meanwhile, break of 50.58 will bring rebound back to 55 days EMA (now at 56.10).

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