Crude Oil Weekly Technical Outlook

Crude oil's choppy decline from 51.67 short term top extended last week. Downside momentum is unconvincing. But we're still favoring the case that rise from 26.05 has completed at 51.67 already. Further fall should be seen 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 46.93 minor resistance will turn focus back to 51.67 high.