WTI crude oil completed its retest of the broken resistance around $66 per barrel and is now testing the upside targets marked by the Fibonacci extension tool.

The commodity price is now up to the swing high that lines up with the 61.8% Fibonacci extension, but it seems that more gains are in the cards. The 100 SMA is safely above the 200 SMA to confirm that the path of least resistance is to the upside.

In that case, crude oil could still climb to the 78.6% level at $67.80 per barrel or the full extension at $68.29 per barrel. Stochastic is also pointing higher to show that bullish pressure is in play.

RSI has a bit of room to climb before reflecting overbought conditions or exhaustion among buyers. Turning lower would mean that sellers are taking over and could take crude oil back to nearby support zones.

Crude oil is cruising higher ahead of the OPEC+ meetings this week, as traders expect some commitment to the current output deal. Although the cartel pledged to gradually increase production now that prices have stabilized, any indication that they’ll keep their output targets unchanged might be enough to keep the commodity supported.

Risk-taking throughout the week could also push crude oil prices around, especially with the NFP report coming up. Traders are on the lookout for clues on how quickly the Fed might taper and eventually tighten, so a disappointing figure could keep borrowing costs low and risk-taking in play for much longer.

As always, the inventory figures from the API and EIA would likely push crude oil around. A draw in stockpiles would confirm stronger demand for the commodity on account of more cities reopening while a build could keep oversupply fears in play.