Crude Oil Weekly Technical Outlook

Crude oil's rally continued last week and 61.8% retracement of 62.58 to 26.05 at 48.63 is taken out. There is no sign of topping despite lost of upside momentum. Current rise would now target 100% projection of 26.05 to 41.90 from 35.24 at 51.09. Though, considering bearish divergence conditio in 4 hours MACD, break of 46.73 will indicate short term topping and bring pull back to 35.24/41.90 support zone.