WTI crude oil has been riding a strong ascending channel since mid-March, with price carving out a series of higher lows along a rising trendline while repeatedly testing a firm horizontal ceiling near the $115.76 level.

This price action has formed a classic ascending triangle pattern, signaling that bullish pressure is building and a breakout could be imminent, though the direction of the move will ultimately determine the next leg.

Price recently surged sharply to tag the $115.76 resistance zone before pulling back, with the Fibonacci retracement tool now highlighting key levels where buyers could be waiting to reload. The 38.2% Fib sits at $108.23, which is the nearest area of interest and could attract dip buyers relatively quickly.

A deeper correction could reach the 50% level at $105.91, followed by the 61.8% Fib at $103.59, which aligns closely with prior consolidation structure and could serve as the line in the sand for a bullish retracement scenario. A full unwinding back to the swing low at $96.07 would mark a 100% retracement and signal a more significant trend reversal.

The 100 SMA (blue) is above the 200 SMA (red), confirming that the path of least resistance remains to the upside and that the broader climb is more likely to gain traction. Both moving averages are sloping higher and sitting well below current price, offering dynamic support on any meaningful pullback.

Stochastic is hovering near the overbought region following the recent sharp push higher, suggesting buyer exhaustion could be setting in. A rollover from here would signal a return of selling pressure and a likely pullback toward the Fib levels.

RSI is similarly elevated and approaching overbought territory, though it has not yet confirmed a reversal. Bulls will want to see the oscillator hold firm while price consolidates above the Fibonacci retracements ahead of a potential breakout above $115.76.