WTI crude oil continues too trend higher on its 4-hour time frame, but price is now down to the rising trend line support. A break below this area could set off a reversal for the commodity.

The 100 SMA is still above the 200 SMA to suggest that support is more likely to hold than to break. This moving average lines up with the rising trend line to add to its strength as a floor, and the gap between the indicators is widening to reflect stronger bullish momentum.

Stochastic is heading lower to indicate the presence of selling pressure, but the oscillator is also dipping to the oversold region to signal exhaustion. Turning back up could confirm that buyers are returning and that a move back to the swing high around $77 per barrel could follow.

RSI has more room to head south before reaching the oversold region, so sellers might have enough energy for a break lower.

WTI crude oil traders could hold out for the API and EIA reports in order to get a picture of supply and demand conditions. It’s important to note, though, that the OPEC-JMMC refrained from recommending an adjustment to the output deal, as the UAE and Saudi Arabia had conflicting sentiments on adjusting production.

The upcoming release of the FOMC minutes would likely affect crude oil movements later in the US session as well. After all, any indication that the US central bank is looking into tapering stimulus and eventually tightening policy could spur expectations of higher global borrowing costs.

In turn, investor expectations of higher interest rates could bring risk aversion back to the markets, weighing on commodity prices as businesses and consumers could scale back investment activity.