Crude Oil Weekly Technical Outlook

Crude oil's rise and break of 47.74 resistance suggests that pull back from 48.75 has completed at 42.55 already. Further rise should be seen through 48.75 to 51.67 resistance next. Decisive break there will confirm resumption of whole rise from 26.05 and will target next long term fibonacci level at 57.25. Meanwhile, below 44.35 support will dampen this bullish view and turn focus back to 42.55 support.