Crude Oil Weekly Technical Outlook

Crude oil's rally from 26.05 continued last week and the break of 34.82 resistance completed a double bottom reversal pattern. Stronger rise should be seen to 38.2% retracement of 62.58 to 26.05 at 40.00 first. Break will target 61.8% retracement at 48.63. On the downside, sustained trading below 4 hours 55 EMA (now at 33.58) is needed to be the first sign of completion of the rebound. Otherwise, outlook will stay bullish in case of retreat.