Crude Oil Weekly Technical Outlook

Crude dropped to as low as 42.58 but quickly recovered. Recent development suggests that price actions from 37.75 is possibly developing into a sideway pattern. And we'd continue to expect strong resistance around 50 which coincide with 50% retracement of 62.58 to 37.75 at 50.17 to limit upside. While crude oil may attempt to gyrate lower, there is no clear prospect of breaking 37.75 low decisively yet.