Crude Oil Weekly Technical Outlook

The strong break of 37.75 low confirmed down trend resumption in crude oil. Further fall is now expected this week for key support level at 33.2. Break will likely bring some more downside acceleration to 100% projection of 62.58 to 37.75 from 50.92 at 26.09. On the upside, break of 38.99 support turned resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.