Crude Oil Weekly Technical Outlook

Crude oil continued to lose upside momentum last week as seen in bearish divergence condition in 4 hours and daily MACD. At this point, there is no confirmation of topping yet and further rise could be seen. But upside would likely be limited by 100% projection of 26.05 to 41.90 from 35.24 at 51.09 to bring a pull back at least. Break of 46.73 support will indicate short term topping and drag crude oil back to 55 days EMA (now at 43.44).