WTI crude oil is still trending higher inside a rising channel on its 4-hour chart. Price is bouncing off support and could be due for a move to the upside targets marked by the Fibonacci extension tool.

The 38.2% level is close by at $73.79 per barrel then the 50% level lines up with the swing high at $74.35 per barrel. Stronger bullish momentum could take it up to the 61.8% level at $74.91 per barrel or the 76.4% level that lines up with the channel resistance at $75.60 per barrel. The full extension is at $76.72 per barrel.

The 100 SMA is above the 200 SMA to confirm that the path of least resistance is to the upside or that support is more likely to hold than to break. The 100 SMA also lines up with the channel bottom around $72 per barrel to add to its strength as support on another dip.

Stochastic is already on the move up, so price could follow suit as buyers are in control. The oscillator has room to climb before reaching the overbought zone, so bullish pressure could stay in play for a bit longer. RSI is on middle ground to reflect consolidation.

WTI crude oil is enjoying upside momentum, as the reopening of economies and businesses has lifted demand for fuel and energy commodities. However, concerns about the Delta variant and the latest set of lockdown measures are spurring concerns of another dip in commodities.

The upcoming inventory data from the API and EIA should provide more insight into supply and demand conditions, as another larger than expected draw in stockpiles would mean more upside for crude oil. A surprise build, on the other hand, could spur losses.

Also note that the OPEC-JMMC has a meeting this week, so any recommended adjustments to their output deal could lead to big moves as well.