Crude Oil Weekly Technical Outlook

Crude oil rose to 51.67 last week and breached 100% projection of 26.05 to 41.90 from 35.24 at 51.09. But it failed to sustain above the projection level and retreated. Considering bearish divergence condition in 4 hours and daily MACD, we'll be cautious on topping. Break of 47.75 support should bring pull back to 55 days EMA (now at 44.36). Nonetheless, sustained break of 51.09 will target long term fibonacci level at 57.25.