Crude Oil Weekly Technical Outlook

Crude oil's fall continued last week but was held above 37.75 low so far. Outlook is unchanged. At this point, we're still viewing price actions from 37.75 as a sideway consolidation pattern. Strong rebound could be seen after a test on 37.75 low. In case of another rise, strong resistance should be seen around 50 which coincide with 50% retracement of 62.58 to 37.75 at 50.17 to limit upside. Nonetheless, decisive break of 37.75 will confirm down trend resumption.