WTI crude oil continues to hover around the top of its ascending channel on the 4-hour time frame as it bounced off the mid-channel area of interest. Sustained bullish momentum could take it up to the next upside targets marked by the Fibonacci extension tool. The 38.2% level lines up with the swing high around $57.72 per barrel and this seems to have already held as resistance. A continuation of the climb could still make it up to the 50% level that’s closer to the channel top at $58.21 per barrel. The 61.8% level is at $56.69 per barrel and the 78.6% level is at $59.38 per barrel. The full extension is at $60.27 ... (full story)