Since the beginning of the year the commodity lost almost 7.9% but last week ended flat with minor gain of 0.06% in addition crude oil is in an accumulation phase since mid-September.
Last week the crude oil initially went back and forward without any clear direction and closed in the middle of the weekly range, in addition managed to close within the previous week range, which suggests being clearly neutral, neither side is showing control.
Seems that the black commodity is finding resistance at 50.18 (61.8 Fibonacci retracement) although it has room to push upward toward the next Fibonacci retracement level.
Stochastic is showing a overbought market although is still displaying a strong bullish momentum.
Expecting an upward move to a Fibonacci retracement at 52.10 on a break above the previous week high at 50.87 (scenario 1) however a bounce from the Fibonacci retracement at 52.10 may push the commodity back down to another Fibonacci retracement at 50.18 (scenario 2).