WTI crude oil recently busted through the top of its range on the 1-hour time frame to signal that a climb of the same height is likely to follow. Price also formed a bullish flag continuation pattern.

This suggests that the commodity price could climb by at least the same size as the flag mast from here. This spans around $61 per barrel to $64.50 per barrel, possibly taking crude oil higher by $3.40 if it breaks above the current consolidation.

The 100 SMA is below the 200 SMA, though, so the path of least resistance might be to the downside. This could lead to another pullback to the range top around $63 per barrel before more buyers join in. Price is trading above both moving averages, though, as an early indication of bullish pressure.

Stochastic is already in the overbought zone to reflect exhaustion among buyers, and turning lower could mean that bearish pressure is about to pick up. RSI appears to have topped out and is starting to head south, so price could follow suit.

Crude oil saw a surprise build of 21.6 million barrels in stockpiles according to the Department of Energy versus the projected draw of 1.3 million barrels. This was also significantly larger than the earlier increase of 1.3 million barrels, suggesting a potential oversupply.

However, the commodity managed to stay afloat thanks to the OPEC commitment to its output deal. This could ease global glut concerns in the near-term, especially since demand is projected to pick up from a return to normal business conditions. Traders are focused on the vaccination rollout in several developed nations, as well as the prospect of more stimulus from governments and central banks, since this could keep business and consumer activity supported.

The upcoming NFP release might also impact crude oil movements since the report tends to affect overall market sentiment.