Crude Oil Weekly Technical Outlook

Crude oil rose to 50.92 last week but failed to sustain above 50 psychological level so far. We'd maintain our view that strong resistance should be see around 50, which coincide with 50% retracement of 62.58 to 37.75 at 50.17, to complete the rebound from 37.75. Below 45.73 will bring retest of 37.75. However, sustained break of 50 will pave the way to 61.8% retracement at 53.09 and above.

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