Since the beginning of the year the commodity gained more than 4.5% but last week ended with a minor loss of almost 0.2% and remains in a bullish phase since early September. Last week crude oil initially fell with a wide range but found enough support near 55.21 to trim most of its losses and managed to close near the high of the week, however closed within the previous week high, which suggests being slightly on the bullish side of neutral. Stochastic is showing an extreme overbought market however is beginning to display a shy bearish momentum. Seems that the black commodity is losing its upward strength although we may see a last push upward to a weekly resistance at 59.20 before a deeper downward correction toward 55.21. Expecting an upward move to a weekly resistance at 59.20 on a break above the previous week high at 57.35 (scenario 1) however a bounce from the weekly resistance at 59.20 may set in motion a deeper correction down to a weekly support at 52.21 (scenario 2).