Oil has divergence on , and on weekly, is about to turn down.
Since this is supported by a potential rise in US Dollar , oil will likely fall below support at 58$, breaking the 58-62 channel.
Breaking 50 day at 56$ will make oil look for a target at 50-53$ in the next couple of weeks.
If oil fails to break below 58, oil will continue to stay in channel.
See EU related ideas for why is dollar strong.