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Crude oil edged higher to 79.69 initially last week but retreated sharply. Nevertheless, the retreat was contained at 75.90 and rebounded. Near term outlook is mixed and we’ll stay neutral first. on the upside, break of 79.69 will indicate that whole rebound from 64.23 is still in progress for 61.8% projection of 64.23 to 79.38 from 71.09 at 80.45 next. On the downside, break of 75.90 will revive the case that crude oil has topped out at 79.69 already and will flip bias back to the downside for 71.09 support for confirmation.

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Crude Oil Weekly Technical Outlook