Crude Oil Weekly Technical Outlook

Crude oil is struggling to take out 51.93 key resistance firmly so far. But pull back was contained above 49.20 resistance turned support. Hence, near term outlook stays cautiously bullish. Decisive break above 51.93 will confirm resumption of whole rise from 26.05. In that case, crude oil will target next fibonacci level at 57.27. However, break of 49.20 resistance turned support will extend the consolidation pattern from 51.67 with another fall leg.