WTI crude oil is finding support at the bottom of its range around $81.85 per barrel and might be due for another move to the resistance near $84 per barrel.

Technical indicators are reflecting the presence of bullish pressure, as the 100 SMA is above the 200 SMA to signal that the path of least resistance is to the upside. In other words, support is more likely to hold than to break.

The 200 SMA lining up with the bottom of the range added to its strength as a floor, but price has yet to break past the 100 SMA dynamic inflection point which is keeping gains in check.

Stochastic is on the move up and has some room to climb before reflecting overbought conditions or exhaustion among sellers. RSI has more room to head north, so price could keep following suit until overbought conditions are indicated.

Crude oil remains supported, as the latest EIA report showed a surprise draw of 0.4 million barrels instead of the estimated increase of 2.1 million barrels. This was also a change from the earlier increase of 6.1 million barrels, reflecting a strong surge in demand amid weaker supply.

The energy crunch seems to be leading to stockpiling activity, as businesses look for other sources of crude oil while shortages are in play. Keep in mind that the OPEC refrained from adjusting their production deal to boost output by 400K barrels per day until the end of the year.

Meanwhile, demand is rising since more economies are reopening and businesses are moving close to resuming normal operations. This lifts demand for fuel and energy commodities while weather disturbances are keeping supply levels in check.

Over the weekend, gaps might occur as the Baker Hughes oil rig counts might impact crude oil prices in the near term.