WTI crude oil futures are surging after the rebound on the 60.10 support level, which overlaps with the 23.6% Fibonacci retracement level of the downleg from 66.60 to 58.00. Currently, the price is aggressively approaching the 61.8% Fibonacci mark near the 63.40 resistance level, while it jumped above the 40-simple moving average in the 4-hour chart.
Technically, in the short-term, the MACD oscillator climbed above the zero line with strong momentum and the RSI indicator is pointing to the upside after flat sessions. Also, the latter indicator is moving towards the 70 level and the overbought territory.
If price action surpasses the 63.40 resistance level, this could open the door for the 64.20 barrier, taken from the peak on February 26.
In the event of a downside reversal, the 50.0% Fibonacci mark at 62.32 could act as a barrier before being able to re-challenge the 38.2% Fibonacci retracement level around the 61.30 support level.
