Crude Oil Weekly Technical Outlook

Crude oil's rise extended last week and reached as high as 50.74 before treating mildly. Further rally is expected in near term as long as 46.60 support holds. Decisive break of 51.67 resistance will confirm resumption of whole rise from 26.05 and will target next long term fibonacci level at 57.25. Meanwhile, break of 4.60 will extend the consolidation pattern from 51.67 with another fall back to 42.55 support.