WTI crude oil continues to gain traction on its uptrend as price passed the mid-channel area of interest onto the next upside target marked by the Fibonacci extension tool.

Stronger bullish momentum could take it to the higher Fibs, but technical indicators are giving mixed signals. The next potential resistance is at the top of the channel that lines up with the 76.4% Fib or $64.86 per barrel. The full extension is at $66.12 per barrel.

Stochastic is starting to head lower from the overbought zone, indicating that sellers are taking over while exhausted buyers are taking a break.

RSI has a bit of room to climb but is closing in on the overbought zone to signal exhaustion among buyers as well. If this oscillator also turns south, crude oil price could follow suit and retreat to nearby support levels.

However, the 100 SMA is starting to cross above the 200 SMA to confirm that the climb is more likely to carry on than to reverse. These indicators also line up with the channel bottom around $60.80 per barrel to add to its strength as support.

Crude oil managed to sustain its climb even with a surprise build of 0.1 million barrels versus the estimated draw of 0.9 million barrels. Risk appetite remained in play as the FOMC reiterated its plans to keep borrowing costs low for much longer.

This could mean sustained support for businesses and consumer activity, along with government stimulus packages. In turn, demand for fuel and energy commodities could see gains in the near-term.

The upcoming US advanced GDP could also impact risk sentiment, as stronger growth figures would signal that the economy is recovering from the impact of the pandemic and could see more upside momentum in the months ahead.