Crude Oil Weekly Technical Outlook

The choppy fall from 51.67 continued last week and broke 41.88/90 cluster support (38.2% retracement of 26.05 to 51.67 at 41.88) Sustained trading below this level should now bring deeper fall to 61.8% retracement at 35.84 first and possibly to 35.24 support and below. This will remain the preferred case as long as 44.42 support turned resistance holds. Though, break of 44.42 will bring rebound first.