WTI Crude Oil Tests Channel Resistance Ahead of Potential Surge

WTI crude oil has been consolidating near its ascending channel's top around $93.50 per barrel after an extended climb from the channel bottom at $75.00.

The commodity is forming a tight sideways range that resembles a bullish flag pattern, indicating strong buying momentum.

If buyers break through the channel resistance, crude oil could surge higher, potentially targeting the $96.00 to $98.00 area or beyond.

However, failure to clear this hurdle could send price back down to retest the flag's lower boundary or the mid-channel trend line near $87.00.

The 100 SMA is above the 200 SMA, confirming that the path of least resistance is to the upside, while stochastic and RSI indicators are hovering in the overbought region, hinting at exhaustion among buyers.