Crude Oil Weekly Technical Outlook

Crude oil's rally continued last week but starts to lose momentum as seen in bearish divergence condition in 4 hours MACD. Further rise would be in favor as long as 36.12 support holds. But strong resistance could be seen at 38.2% retracement of 62.58 to 26.05 at 40.00 to limit upside. Below 36.12 will indicate short term topping and bring pull back first. Nonetheless, strong break of 40.00 will pave the way to 61.8% retracement at 48.63.