WTI crude oil looks ready to resume its climb, as price found support at an area of interest that lines up with a rising trend line and former resistance level.

Price could be aiming for the next upside targets marked by the Fibonacci extension tool. The 38.2% level is close by at $71.55 per barrel then the 50% extension is at $72.23 per barrel. The 61.8% level lines up with the swing high at $72.90 per barrel.

Stronger bullish momentum could take it up to the 76.4% level at $73.73 per barrel or the full extension near $75 per barrel.

The 100 SMA is above the 200 SMA to confirm that the path of least resistance is to the upside or that the uptrend is likely to carry on. However, price is below both moving averages, so these could hold as dynamic resistance from here.

Also, stochastic is indicating overbought conditions or exhaustion among buyers. Turning lower would mean that selling pressure is returning, and a break below the trend line support around $69.38 per barrel could set off a reversal from the uptrend.

RSI has more room to climb before indicating exhaustion among buyers, so price could keep following suit until the oscillator reaches overbought territory.

The EIA report is slated to show a draw of 3.3 million barrels in stockpiles, slower than the earlier reduction of 6.4 million barrels. However, a supply crunch might still be in play since weather disturbances have left a number of production facilities needing repairs over the past week.

A larger than expected draw might lead to more gains for crude oil while a smaller one or a surprise build could lead to declines. The American Petroleum Institute reported that US crude stocks fell 6.11 million barrels in the week ended Sept. 17, following the 5.4 million-barrel draw the week before and outpacing analyst expectations of a 2.4 million-barrel draw.