Crude Oil Weekly Technical Outlook

No change in crude oil's outlook. The correction from 37.75 short term bottom would extend in near term. 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. We'd still favor further down trend ahead.

from Oil N' Gold Focus http://ift.tt/1FVl2T8