Crude Oil Weekly Technical Outlook

A short term bottom should be in place at 37.75 in crude oil. Further rebound is expected in near term. However, strong resistance would likely be seen around 50 psychological level, which coincide with 50% retracement of 62.58 to 37.75 at 50.17, and 55 days EMA at 49.98. We'd still favor further down trend ahead.

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