WTI crude oil is trending higher on the hourly time frame, with its recent lows connected by a rising trend line. Price looks ready to dip back to this support level soon, and the Fibonacci retracement tool shows where buyers might be waiting.

The 100 SMA is above the 200 SMA to confirm that the path of least resistance is to the upside or that support levels are more likely to hold than to break. The gap between the indicators is even widening to reflect strengthening bullish pressure.

The 38.2% level around $75.25 per barrel could serve as support close by, although the 50% Fib is closer to the trend line at $74.71 per barrel. The 61.8% level is at $74.19 per barrel, just slightly above the $74 per barrel mark and 100 SMA dynamic support.

RSI is still heading down, though, so price could follow suit while sellers have the upper hand. Stochastic is making its way south but closing in on the oversold region to reflect exhaustion among sellers soon. Turning back up would mean that buyers are taking over and could take crude oil back up to the swing high near $77 per barrel.

Crude oil remains supported as reports suggest that fuel and energy demand are sustained even with the Omicron variant. A number of countries tightened restrictions to curb the spread of the virus, but this does not seem to have had a major drag on business and consumer activity over the holidays.

Risk appetite throughout the end of the year might be enough to keep crude oil prices afloat, although any major headlines concerning the pandemic could still spur volatile moves. Also note that profit-taking closer to the end of the year might lead to a reversal or a large correction for the latest price trends.