Crude Oil Weekly Technical Outlook

The consolidative trading from 37.75 short term bottom could extend in near term and further rise cannot be ruled out. But still, we maintain that 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.

from Oil N' Gold Focus http://ift.tt/1NbIlyk