WTI crude oil has been hitting fresh multi-year highs, which have also spurred profit-taking activity in the past trading sessions. Support at an area of interest appears to be holding, though.

In that case, crude oil could bounce back to the upside targets marked by the Fibonacci extension tool. The 38.2% level is at $83.46 per barrel while the 50% level lines up with the swing high at $84 per barrel.

Stronger bullish momentum could take crude oil up to the 61.8% level at $84.54 per barrel or the 76.4% level at $85.20 per barrel. The full extension is at $86.28 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. Price is trading above both moving averages, so these could hold as dynamic support on dips.

Stochastic is pulling higher after recently dipping to the oversold region, confirming that buyers are ready to take over while sellers are exhausted. RSI is also pulling up without even reaching the oversold area, suggesting that bulls are eager to charge.

Crude oil is drawing a lot of support from the pickup in demand owing to more businesses resuming normal operations, thereby boosting purchases of fuel and energy commodities.

At the same time, supply remains limited since weather disturbances have been weighing on production activity in several parts of the globe. The OPEC also refrained from adjusting their production targets higher, deciding to stick to their output deal until the end of the year.

The upcoming inventory reports from the API and EIA would likely determine whether or not crude oil could sustain its climb throughout the week. A draw in stockpiles would confirm that purchases are picking up, likely boosting crude oil past its record highs.