Crude Oil Weekly Technical Outlook

Crude oil’s rebound from 26.05 extended higher last week but take out 34.82 resistance so far. Also, it’s limited well below 38.39 resistance and outlook is unchanged. Price actions from 26.19 are viewed as a consolidation pattern. In case of another rise, strong resistance is expected at 38.9 to limit upside and bring down trend resumption eventually. Break of 26.05 support will confirm this bearish case and target 21.98 projection level next.

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