WTI crude oil continues to trend higher as it approaches another upside target at the swing high and 76.4% Fibonacci extension level.

Resistance might hold around $79.75 per barrel, as traders could book profits here at the end of the trading week. Stronger upside momentum, on the other hand, could take crude oil to the full extension at $81.32 per barrel.

The 100 SMA is above the 200 SMA to confirm that the path of least resistance is to the upside or that support is more likely to hold than to break. The gap between the indicators is widening to reflect strengthening bullish momentum.

Stochastic is on the move up and has some room to climb before reaching the overbought zone, so price might follow suit. However, the oscillator is already approaching overbought levels to signal exhaustion. Turning lower would mean that sellers are taking over.

RSI also has some room to climb before indicating overbought conditions, so price could keep moving up until the oscillator turns lower.

Crude oil continues to stay supported, as the OPEC agreed to keep its production deal of increasing output by 400K barrels per day. The cartel has been under pressure to ramp up its output again, as prices have been on a tear.

In the meantime, rising demand levels could be enough to keep the commodity afloat, as more businesses and economies resume normal activity.

Still, the upcoming NFP release might have a big impact on commodity price action since this affects overall market sentiment. A very strong read could confirm a November taper and an interest rate hike by mid-2022, which might dampen businesses sentiment.

On the other hand, a disappointing report might douse hopes that the Fed could increase borrowing costs right away and opt to keep stimulus in place for much longer.