Crude oil showcased marginal recovery in the last week after two weeks of con-stant downfall and prices have managed to form a base at Rs 5644 per bbl at MCX. Prices edged up and presently hovering around Rs 5830 per bbl which is also a short term resistance level for the counter. Going forwards, if prices man-age to hold above the said resistance level traders can initiate fresh long posi-tions in the counter for the upside level of Rs 5900 per bbl. Momentum indicator RSI is standing at 42 suggest that the recovery could be seen in the prices in the short term. Medium term outlook still remains sluggish for the counter.