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Hugo in HTO Trading,

Crude oil: Still consolidating and waiting for the big move one way or another

Since the beginning of the year the commodity lost 0.2% although last week ended flat with a minor gain of 0.32% but crude oil continues in a well-established bullish phase since late-November 2016.

Last week the crude oil went back and forward without any clear direction and closed in the middle of the weekly range, the commodity also managed to close within the previous week range, which suggests being clearly neutral, neither side is showing control.

The stochastic is showing an overbought market and is displaying a lack of momentum.

Expecting an upward move to a weekly resistance at 59.20 on a break above the previous week high at 54.99 (scenario 1) however a break below the previous week low at 53.35 may trigger a sell-off down to a weekly support at 47.78 (scenario 2).