WTI crude oil continues to trend higher on its 1-hour chart and is pulling back to nearby support levels. The Fibonacci retracement tool shows where buyers might be waiting.

Price is testing the 50% Fib, which already seems to be keeping losses in check. If so, crude oil could recover to the swing high at $68.90 per barrel or higher. A larger pullback could reach the 61.8% Fib at $67.23 per barrel.

The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that support is more likely to hold than to break. Stochastic is turning higher without reaching the oversold region, suggesting that bulls are eager to take over.

RSI is heading south to show that sellers are still in control, although the oscillator might also be moving sideways to reflect consolidation.

Crude oil could take cues from inventory numbers by the API and EIA. Another draw in stockpiles would confirm stronger demand, which would then lift the commodity price, while a build could signal oversupply concerns.

Keep in mind that the OPEC+ has been meeting this week, and any changes to their output deal could have a long-term impact on price movements. The cartel decided to keep their production agreement in place, even as crude oil prices have already stabilized, so the restrictions in supply could mean further upside.

More economies have been reopening lately, driving up business and consumer activity, thereby lifting demand for fuel and energy commodities. However, another wave of cases in several cities are also prompting more lockdown measures that could hurt sentiment.

The upcoming NFP release could also impact overall risk appetite, as a strong rebound in hiring could boost Fed tapering and tightening expectations.