WTI crude oil broke out of its symmetrical triangle consolidation pattern to signal that more gains are in the works. Price could climb by the same height as the chart formation, which spans $46 per barrel to around $49 per barrel.

The 100 SMA is above the 200 SMA to confirm that the path of least resistance is to the upside or that the uptrend is likely to carry on. Price is above both moving averages, so these could hold as dynamic support in the event of dips.

Stochastic is heading up to show that bullish pressure is in play, but the oscillator has already reached the overbought zone to suggest exhaustion among buyers. Turning lower would mean that sellers are returning, possibly leading to a pullback to the broken resistance.

RSI is also starting to turn lower to suggest that buyers are taking a break and that sellers might take over. This could spur a correction to the broken triangle top close to $48.50 per barrel.

WTI crude oil drew a strong boost from US government stimulus hopes by the end of last year, as well as optimism for the new year. This could bring in some support for businesses and consumers, even as worries about a new strain of the COVID-19 virus are in play.

The upcoming inventory report could bring in some directional moves for the commodity later in the week, along with the FOMC minutes and NFP release. Hints of further easing might bring in more gains for crude oil since these would be good for economic activity, even as some restrictions remain in place.

Apart from that, more updates on stimulus checks could also determine where commodities like crude oil are headed. After all, this could determine how spending might fare in the months ahead while the pandemic is still a huge concern.