WTI crude oil is still cruising higher inside its rising channel on the 1-hour chart and looks ready for another dip to support. The Fibonacci retracement tool shows where buyers might be waiting.

Price is already testing the 38.2% Fib near the mid-channel area of interest but could still retreat to the 61.8% level that’s closer to the channel support at $69 per barrel.

This is also near the 100 SMA dynamic inflection point, which is above the 200 SMA to confirm that the uptrend is more likely to resume than to reverse.

However, stochastic is heading south so price could follow suit as sellers have the upper hand. RSI is also pointing down to reflect the presence of selling pressure.

Both oscillators have room to go lower before indicating oversold conditions or exhaustion among sellers. Turning back up would mean that buyers are returning and could take crude oil back up to the $70 per barrel mark or higher.

Crude oil hit the psychological $70 per barrel mark for the first time in a long time, which is likely why bulls booked profits off the key resistance quickly.

Upcoming inventory data from the American Petroleum Institute and Energy Information Administration would likely determine whether or not the commodity could gain more traction on its climb.

Another large draw in stockpiles would confirm that business demand has picked up on account of the reopening of several economies thanks to vaccination progress. A build, on the other hand, would suggest that oversupply might still be a concern.

Keep in mind, though that the OPEC+ agreed to continue its output deal, even as prices have already stabilized. This means that global supply could still remain capped, which would mean more upside for prices if demand is sustained.