Crude Oil Weekly Technical Outlook

Crude oil's corrective fall from 48.75 last week continued and stay bounded in near term falling channel. Deeper decline would be expected in near term. Overall, price actions from 51.67 are viewed as a consolidation pattern. We'd be cautious on strong support from 39.19 to bring rebound. Meanwhile, above 47.75 resistance will target a test on 51.67 high.

from Oil N' Gold Focus http://www.oilngold.com/ong-focus/technical/crude-oil-weekly-technical-outlook-2016092433620/