Crude Oil Weekly Technical Outlook

Crude oil stayed in range of 45.83/51.67 last week and outlook is unchanged. A short term top should be in place on bearish divergence condition in 4 hours MACD. Deeper fall is still in favor and break of 45.83 will target 38.2 retracement of 26.05 to 51.67 at 41.88, which is close to 41.90 resistance turned support. However, considering that crude oil stays inside a near term channel, break of 51.67 will extend the rebound from 26.05 instead.