WTI crude oil might be done with its climb as price made a double top pattern on its 4-hour chart. Price has yet to test and break below the neckline at the $46.50 per barrel mark to confirm the reversal.

If that happens, crude oil could slide by at least the same height as the chart formation or around $2.50. Technical indicators, however, suggest that the uptrend might resume.

The 100 SMA is safely above the 200 SMA to suggest that the path of least resistance is to the upside or that the climb is more likely to resume than to reverse. Price is testing the 100 SMA dynamic support and holding as a floor could send crude oil back up to the highs around $49 per barrel.

Stochastic is heading down to show the presence of selling pressure, but the oscillator is dipping into the oversold region to signal exhaustion among bears. Turning higher would mean that buyers are taking back control.

RSI is still heading south, so price could follow suit while bearish momentum is in play. The oscillator has plenty of room to move down before hitting the oversold region to indicate sellers exhaustion.

Crude oil has drawn support from risk-taking over the past weeks, owing mostly to stimulus from the US government and vaccine developments. However, the OPEC-JMMC meeting this week failed to deliver any strong commitments on curbing supply, forcing the commodity to retreat.

The upcoming inventory report from the Department of Energy could determine whether or not the uptrend could carry on. Apart from that, the FOMC minutes and NFP release in the latter part of the week might also impact risk sentiment and commodity price action.

Dovish remarks from the FOMC could increase the likelihood of more easing, which could be bullish for commodities as it would lift business and consumer spending.