Crude Oil Weekly Technical Outlook

Crude oil's rise from 26.05 extended last week and broke mentioned target of 61.8% projection of 26.05 to 41.90 from 35.24 at 45.04. There is loss of momentum as seen is bearish divergence in 4 hours MACD. But there is no sign of topping yet. Further rally would be seen to 61.8% retracement of 62.58 to 26.05 at 48.63 next. Nonetheless, break of 42.50 support will indicate short term topping and bring lengthier consolidations.