WTI crude oil appears to have bounced off its ascending channel support, as the commodity found a floor around the $62.17 per barrel area and is currently testing resistance near $63.50.

Price has been forming higher lows since early February, confirming that the path of least resistance remains to the upside.

The recent bounce off the support suggests that buyers are still defending the uptrend, and a sustained break above the mid-channel area of interest could pave the way for further gains. The Fibonacci extension tool shows potential upside targets where profit-taking could emerge.

The 38.2% extension level is located at $63.98, while the 50% level sits at $64.54. A stronger rally could reach the 61.8% Fib at $65.10 or even the 76.4% extension at $65.79, which lines up with the upper boundary of the ascending channel.

The 100 SMA (blue line) is above the 200 SMA (red line) to confirm that the path of least resistance is to the upside or that the climb is more likely to gain traction from here. Price is also moving above both dynamic inflection points, so these could hold as support on any dips.

Stochastic is on the move up from the oversold region to show that buyers are taking control. The oscillator has plenty of room to climb before reaching the overbought area, which means that the rally could extend toward the Fibonacci extension levels or higher.

RSI is also turning higher from the midpoint, so price could keep following suit while bullish pressure picks up. The oscillator appears to have enough space to move north before exhaustion sets in, potentially taking crude oil up to the channel top or beyond.

If the trend line and moving averages continue to hold as a floor, WTI crude oil could sustain its climb to test the swing high or establish fresh highs in the coming sessions.