Crude Oil Weekly Technical Outlook

Crude oil weakened mildly last week but there was no follow through selling so far. Initial bias is neutral this week first. 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 43.97 will indicate reversal and 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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