Crude Oil Weekly Technical Outlook

Outlook in crude oil is unchanged. Rise from 26.05 could have completed at 51.67 and deeper decline is in favor to 41.88/90 cluster support (38.2% retracement of 26.05 to 51.67 at 41.88). Decisive break there will likely bring deeper fall to 35.24 support and below. Though, strong rebound from there will maintain medium term bullishness for another rise. Also, above 48.25 minor resistance will turn focus back to 51.67 high.