WTI bulls take a breather around monthly top after running the most in six weeks.

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• WTI bulls take a breather around monthly top after running the most in six weeks.
• Bullish MACD signals, clear break of the key DMAs favor buyers.
• Previous resistance line adds to the downside filters.
• 38.2% Fibonacci retracement level, late July peak lure buyers.

The pair currently trades last at 96.4.

The previous day high was 93.88 while the previous day low was 90.96. The daily 38.2% Fib levels comes at 92.07, expected to provide support. Similarly, the daily 61.8% fib level is at 92.76, expected to provide support.

WTI crude oil prices remain sidelined at around $96.50, after rising the most in 1.5 months the previous day. In doing so, the black gold seesaws around the monthly high while keeping the previous day’s upside break of the 50-DMA and the 200-DMA.

The upside bias also takes clues from the bullish MACD signals and the quote’s ability to rebound from the resistance-turned-support line from early July on Friday.

That said, the 38.2% Fibonacci retracement of the energy benchmark’s downtrend from June, near $99.10, seems to lure the intraday buyers ahead of the $100.00 threshold.

However, late July’s swing high around $101.00 and the 50% Fibonacci retracement level of $103.35 could challenge the WTI buyers afterward.

On the contrary, the 50-DMA support of $96.20 could challenge the immediate pullback moves ahead of the 200-DMA, close to $95.15 at the latest.

Following that, the previous resistance line from July 08, near $90.30 at the latest, will be important to watch for the WTI bear’s entry.

Trend: Further upside expected

Technical Levels: Supports and Resistances

XTIUSD currently trading at 96.4 at the time of writing. Pair opened at 92.78 and is trading with a change of 3.90% % .

The pair is trading above its 20 Daily moving average @ 90.74, below its 50 Daily moving average @ 96.75 , below its 100 Daily moving average @ 102.63 and above its 200 Daily moving average @ 94.98

The previous day high was 93.88 while the previous day low was 90.96. The daily 38.2% Fib levels comes at 92.07, expected to provide support. Similarly, the daily 61.8% fib level is at 92.76, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 91.2, 89.62, 88.27
• Pivot resistance is noted at 94.12, 95.46, 97.04

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