WTI crude oil is in tight consolidation between support at $73.85 per barrel and resistance around $76.15 per barrel. Price is currently testing resistance, and technical indicators are giving mixed signals.

The 100 SMA is above the 200 SMA to indicate that the path of least resistance is to the upside or that the top of the range is more likely to break than to hold. This could set off a climb that’s the same height as the rectangle or around $2.30.

Crude oil is also trading above both moving averages, so these could hold as dynamic support on dips. However, the gap between the indicators is narrowing to signal weakening bullish momentum.

Also, stochastic is starting to turn lower from the overbought zone to signal a return in bearish pressure. The oscillator has plenty of room to move south before reflecting oversold conditions, so sellers could stay in control for much longer.

RSI has a bit of room to climb before reflecting exhaustion among buyers, but the oscillator appears to be topping out or moving sideways.

Crude oil is waiting on the OPEC-JMMC meetings to hear whether or not the cartel is bound to increase production again. Recall that the OPEC already boosted output by 400K barrels per day starting in August until December this year, so another increase could revive supply glut concerns.

Then again, weaker output is expected among other producers like the US due to weather disturbances. Recall that Hurricane Ida left majority of production offline and led to a huge inventory draw, as demand is also picking up on account of more businesses resuming operations.

The upcoming API and EIA reports would likely determine where crude oil is headed next, but any major announcement from the OPEC early in the week could override this effect.