Crude Oil Weekly Technical Outlook

After dipping to 42.20 and breached 42.55 support, crude oil's rebound and break of 45.95 minor resistance indicate short term bottoming. Further rise is now mildly in favor back to 51.67/93 resistance zone. Overall, price actions from 51.67 are seen as developing into a consolidation pattern. In case of another fall, strong support is expected around 39.19 to contain downside.